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Fri, Jul. 25, 8:59 AM
- Anglo American (OTCPK:AAUKF, OTCPK:AAUKY) says its H1 net profit more than tripled to $1.46B vs. $403M in the impairment-weighed H1 of last year, but underlying operating profit fell 10% to $2.93B due to lower prices across most of its commodities and a 40% drop in platinum output from the five-month-long strike at its South African platinum operations.
- CEO Mark Cutifani says Anglo expects to raise $3B-$4B from assets disposals over the next two years, while stressing the company is "not in a fire sale mode."
- H1 return on capital slipped to 10% from 11% a year earlier, but Cutifani says he is more confident about hitting the company's 15% target by 2016 than a year ago.
- Says the long-delayed Brazilian Minas Rio project remains on track to ship its first iron ore by the end of 2014.
Wed, Jul. 23, 4:36 PM
- BHP Billiton (NYSE:BHP) and Anglo American (OTCPK:AAUKF, OTCPK:AAUKY) are in talks to sell their jointly owned portfolio of manganese assets in South Africa and Australia, WSJ reports.
- The assets include two mines in South Africa, one in Australia, and processing plants in both countries; BHP owns 60% and Anglo 40% of the operations, which analysts have valued at ~$1.33B.
- Manganese is a key alloy ingredient in the production of stainless steel but it is only a niche business for the big miners; global trade in manganese totals ~$3B/year, 2.5% of the equivalent figure for iron ore.
Mon, Jul. 21, 4:36 AM
- Anglo American's (OTCPK:AAUKY) subsidiary, Amplats, is planning to sell its Union mine, Rustenburg operations and a joint venture in South Africa.
- The move will reduce the miner's staff count by 20k, and follows a continuous five-month strike against the company by the AMCU union.
- The mine is expected to be sold to Sibanye Gold (NYSE:SBGL), whose CEO Neal Froneman announced a wish for a platinum deal before the end of the year.
- ETFs: PPLT, PTM, PLTM, PGM
Thu, Jul. 17, 9:45 AM
- Anglo American (OTCPK:AAUKY, OTCPK:AAUKF) says it met all platinum deliveries during Q2 despite five months of strikes in South Africa that cut production by 40%.
- Amplats' mined output for the quarter fell to 358K platinum equiv. oz., while production at refineries fell 28% Y/Y to 421K oz.
- Production of iron ore, which accounts for about half of Anglo American's earnings, rose 2% Y/Y to 11.5M metric tons; a 6% gain in copper output to 194K tons is attributed to improved productivity at the Los Bronces and Collahuasi mines in Chile.
- Production at De Beers rose 7% to 8.5M carats after a recovery from last year’s pit flooding at its Venetia diamond mine in South Africa.
- Anglo reports H1 earnings next Friday; it has warned that H1 profit fell as much as 96% Y/Y because of the strike.
Mon, Jul. 7, 7:42 AM
- Anglo American (AAUKF, AAUKY) says it will sell its 50% stake in a U.K. construction materials joint venture to its partner Lafarge (LFRGY) for a minimum £885M (~$1.5B).
- The sale is subject to the successful completion of the $50B merger between cement giants Lafarge and Holcim (HCMLY), which released a list of operations around the world that both plan to sell in order to win regulatory approval for their proposed combination.
Tue, Jul. 1, 11:31 AM
- Platinum prices breach $1,500/oz. and palladium futures also jump as better than expected U.S. car sales data and a new strike in South Africa lured buyers into both markets.
- Upbeat reports from GM, Ford, et. al. bucked expectations for a slowdown in car sales, boosting investor appetite for platinum and palladium, which are both widely used in car exhaust filters.
- Meanwhile, a new strike by metal workers and engineers in South Africa have renewed concerns about supply after the country is still recovering from a five-month strike by platinum workers.
- Platinum producers: AAUKF, AAUKY, IMPUY, LNMIF.
- ETFs: PALL, PPLT, SPPP, PTM, PGM
Mon, Jun. 30, 7:59 AM
- Anglo American (AAUKF, AAUKY) has put some of its historic South African platinum mines up for sale as part of a $4B (£2.35B) clearout led by CEO Mark Cutifani, the Sunday Times reports.
- Said to be included in the sale are the company’s oldest and deepest shafts in the impoverished mining region of Rustenberg, South Africa, some of which have been in operation since the 1950s.
- Cutifani has set a goal of improving Anglo’s return on capital to at least 15% by 2016 from ~8% currently, and he’ll consider disposing of any asset that pulls down the average, according to the report.
Mon, Jun. 23, 11:58 AM
- South Africa's AMCU says its members agreed to a wage settlement that will end the country's longest-ever strike which has cost the mining industry 1.1M oz. in lost platinum production and helped shrink the country's economy by 0.6% in Q1 from a year earlier.
- The world's three-biggest platinum producers - Amplats (AAUKF, AAUKY), Impala Platinum (IMPUY) and Lonmin (LNMIF) - say they each lost roughly a third of their annual production, and analysts say it will take at least three months to get production back to pre-strike levels after mines have been mostly idle for the past several months.
- Platinum prices fell 1.1% to $1,437.70/oz. on the news.
- ETFs: PALL, PPLT, SPPP, PTM, PGM
Wed, Jun. 18, 9:59 AM
- South Africa's platinum miners say the industry's main labor union has made new demands that go beyond a preliminary accord struck last week, which may delay an apparent agreement to end the five-month strike by 70K-plus mine workers.
- AMCU, which has led the strike, now wants the new wage agreement to run for three years instead of five, seeks a once-time payment of ~$270 to each worker, and wants miner Lonmin (LNMIF) to rehire 235 workers it recently dismissed for participating in the strike.
- Top platinum miner Amplats (AAUKF, AAUKY) and the union are scheduled to meet today to discuss the new demands; Impala Platinum (IMPUY) says some of the new issues raised by the union are "problematic" and that it "could still take some time" to sign a deal.
- ETFs: PALL, PPLT, SPPP, PTM. PGM
Thu, Jun. 12, 8:54 AM
- South Africa’s top platinum companies and the biggest mineworkers union agree on proposals that the labor organization will take to its members in a bid to end a five-month pay strike.
- The AMCU union is meeting members at mines today to get their views on the proposal, and the companies - Amplats (AAUKF, AAUKY), Impala Platinum (IMPUY) and Lonmin (LNMIF) - expect a response tomorrow.
- More than 70K members of the union have been on strike over pay since Jan. 23, which producers say has cost 22B rand in revenue.
- ETFs: PALL, PPLT, SPPP, PTM, PGM
Mon, Jun. 9, 2:44 PM
- Wage talks between South Africa's AMCU union and major platinum producers end in failure, with the mining minister quitting his mediation role and dashing hopes for an end to the five-month strike.
- AMCU has led the strike of more than 70K mineworkers since Jan. 23, asking for monthly wages of the lowest paid underground employees to be more than doubled to 12.5K rand ($1,174) by 2017; the companies offered increases of as much as 10%.
- The world's three top platinum producers - Anglo American Platinum (AAUKF, AAUKY), Impala Platinum (IMPUY) and Lonmin (LNMIF) - say they have forfeited earnings of 22B rand and employees have lost 9.6B rand in wages since the strike began.
- The news lifted platinum prices higher by ~$15, or 1%, from a session low of $1,436/oz.
- ETFs: PPLT, PTM, PGM.
Mon, May. 19, 8:48 AM
- Anglo American (AAUKY, AAUKF) CEO Mark Cutifani tells Bloomberg he will double profitability once he cleans up the company in the coming years, and then he’ll be able to increase it again.
- Anglo already has identified some of assets it will sell, Cutifani says without elaborating; he has set a goal of improving Anglo’s return on capital to at least 15% by 2016 from ~8% last June, and he’ll consider disposing of any asset that pulls down the average.
- Anglo plans to cut senior-level jobs at its South African office, according to a local report yesterday.
Mon, May. 5, 8:32 AM
- South African platinum miners will continue their strike after workers rejected the latest wage offer from employers, according to the president of the AMCU union that is spearheading the strike.
- The world's three largest mining companies - Anglo American Platinum (AGPPY), Impala Platinum (IMPUY) and Lonmin (LNMIF) - had revised their wage offer at the end of April with an above-inflation salary increase of as much as 10%.
- The strike has been running for nearly four months and has cut global production of the metal by ~40%; the big three miners are estimated to have lost ~$1.5B so far.
- ETFs: PPLT, PTM, PGM
Thu, Apr. 24, 9:43 AM
- Anglo American (AAUKF, AAUKY) reports higher Q1 production compared with the year-ago quarter, with the exception of platinum which has suffered from protracted strikes.
- Anglo says iron ore output rose 10% to 11.3M metric tons due to solid performances from its two South African iron ore mines.
- Copper production rose 18% to 202K tons, helped by higher copper grades at the Los Bronces and Collahuasi mines in Chile.
- Coal output gained 7.5% to 23.9M tons, helped by improved production from its Colombian Cerrejon mine which suffered from strikes in the year-ago period.
- Diamond production at its De Beers unit rose 18% to 7.5M carats.
- Platinum production at its majority-owned Anglo American Platinum (AGPPY, AGPPF) fell 39% to 357K equiv. oz.
Mon, Apr. 21, 4:45 PM
- Anglo American (AAUKF, AAUKY) is preparing to exit its Rustenburg platinum mines in South Africa, FT reports, in what would be one of the miner’s most decisive moves since Mark Cutifani became CEO last year.
- South Africa’s platinum sector has been crippled for nearly three months by a strike at mines owned by Anglo and others, and the volatile labor environment is one reason for Anglo’s reluctance to invest more in its heavily staffed mines at Rustenburg.
- The Rustenburg mines last year produced ~20% of Anglo’s output of platinum and associated metals before two of the five mines were closed; Anglo American subsidiary Amplats (AGPPY, AGPPF) is the world’s largest platinum miner.
Mon, Apr. 14, 10:59 AM
- Platinum prices are surging, stoked by worries over supplies due to the crippling mine worker strike in South Africa and the potential for increased sanctions against Russia.
- Platinum mining in South Africa has plunged by more than a third since workers went on strike in January to demand higher pay; mining companies had built up their inventories before the strike, but stockpiles have dwindled as the strike reaches its 11th week.
- South Africa is the source of roughly 80% of the world's platinum, while Russia is the second largest producer; platinum is used primarily in catalytic converters of diesel-burning vehicles, which are common in Europe.
- Platinum producers: AGPPY, AGPPF, AAUKY, AAUKF, IMPUY, IMPUF, LNMIF, LNMIY.
- ETFs: PPLT, PTM, PGM
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Anglo American is engaged in the mining and natural resource sectors. Co. is a global leader in platinum group metals and diamonds, with significant interests in coal, base and ferrous metals, and an industrial minerals business.
Country: United Kingdom
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