|
|
Cutifani Says Plans Don't Include Selling Diamond Business
Dec 16, 2013 5:15 AM
By Sonya Burlan
|
|
|
RAPAPORT... Anglo American reported that it will not be selling its diamond and platinum businesses over the next year or two, according to The Wall Street Journal.
"On a one- to two-year view, it is not part of the plan," said Mark Cutifani, the company’s CEO. He did, however, note that, “in the medium to longer term, all options remain on the table.”
Anglo American achieved an underlying profit of $3.26 billion in the first half of 2013. Its diamond sector represented 17.5 percent of that total, while its platinum sector accounted for 5.7 percent.
Some analysts have said that Anglo American could achieve a better valuation of its majority stakes in De Beers and Anglo American Platinum Ltd., the world's largest platinum producer, by disentangling the two businesses either through a spin-off or sale, reported The Wall Street Journal.
“There are so many opportunities to get those assets delivering to their potential that it would be wrong for us to run out," noted Cuftani, who also serves as chairman of De Beers.
Anglo Platinum has been restructuring its loss-making platinum operations to reduce costs and boost profitability. It is looking at removing a total of 7,450 positions and is pushing for greater mechanization of its operations.
|
|
|
|
|
|
|
|
|
|
Tags:
Anglo American, De Beers, diamonds, Mark Cutifani, platinum, Sonya Burlan
|
|
|
|
|
|
|
|
|
|
|
|
|