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Today, 10:43 AM
- BHP Billiton (BHP -1.1%) is the latest company to report record output of metallurgical coal, as extra supply far outpaces demand in countries such as China and Japan, which produce much of the world’s steel.
- BHP says it produced a record 12.8M metric tons of met coal in Q3 - including output from the major new Caval Ridge mine in Australia - up 7% Q/Q and 25% Y/Y, and Anglo American’s (OTCPK:AAUKF, OTCPK:AAUKY) H1 2014 met coal production jumped 21% Y/Y.
- The willingness to dig up more coal (NYSEARCA:KOL) despite lower prices mirrors a similar push in iron ore, where global miners miners are investing and producing more in a bet that their efficiencies of scale will allow them to profit, but critics say the strategy risks creating supply gluts that will take years to clear.
- The price for Australian premium hard coking coal has dropped 16% this year to $110/ton, near the lowest level in more than seven years and well below the $300/ton fetched in early 2011.
Wed, Oct. 8, 10:30 AM
- With any hope of Glencore (OTCPK:GLCNF, OTCPK:GLNCY) buying Rio Tinto (NYSE:RIO) on hold for six months, Glencore could turn to other targets such as Fortescue Metals (OTCPK:FSUMF) or Rio could pursue a defensive deal with a company such as Anglo American (OTCPK:AAUKF, OTCPK:AAUKY), Sanford Bernstein analyst Paul Gait speculates.
- In the past, “we have had that kind of one action precipitate a whole cascade of events that puts a number of other guys in play," Gait tells Bloomberg.
- On the other hand, Glencore's pursuit of Rio may not be over, Gait says, adding "the industrial logic and the strategic logic are compelling to the point of being overwhelming."
Tue, Oct. 7, 12:33 PM
- Anglo American (OTCPK:AAUKF, OTCPK:AAUKY) is planning to start the sale of its three Chilean copper mines and a smelter valued at $1B by the end of the year, Bloomberg reports.
- The Mantos Blancos and Mantoverde mines, along with Anglo’s 50.1% stakes in El Soldado mine and the Chagres smelter in Chile reportedly will be sold.
- CEO Mark Cutifani has described plans to increase the company’s return on capital to at least 15% by 2016 and to consider disposing of businesses that pull down the average.
Fri, Oct. 3, 4:13 AM
- Gold miners have the greatest exposure to the Ebola outbreak, Deutsche Bank says. Iron ore and aluminum miners, and oil drillers also have some exposure.
- Randgold's (NASDAQ:GOLD) exposure is most acute, with 100% of its NPV in the affected region.
- AngloGold (NYSE:AU) has 53% NPV exposure.
- ArcelorMittal (NYSE:MT) has some exposure through its iron-ore mine in Liberia (6.5% of its output).
- BHP Billiton (NYSE:BHP) and Anglo American (OTCPK:AAUKF, OTCPK:AAUKY) aren't exposed to the region.
- Related: Exxon delaying some west Africa drilling work because of Ebola (Oct. 2)
- Related: ArcelorMittal contractor moving workers out of Liberia (Aug. 8)
Thu, Sep. 11, 8:55 AM
- Southern Copper (NYSE:SCCO) says it still hopes to buy a share in Anglo American's (OTCPK:AAUKF, OTCPK:AAUKY) $3.3B Quellaveco project in Peru, and that talks must now take place at the highest level.
- Negotiations on a potential sale of part of Anglo's ~82% stake in Quellaveco fell apart in the past year because each company wanted a controlling stake, but talks restarted two months ago and SCCO is now offering to hold an equal share if it can operate Quellaveco, SCCO CEO Oscar Gonzalez says.
- A lack of financing has held up Quellaveco, which is expected to produce 225K metric tons/year of copper.
Wed, Sep. 3, 12:55 PM
- Glencore (OTCPK:GLCNF, OTCPK:GLNCY) CEO Ivan Glasenberg rejects speculation about a possible takeover of Anglo American (OTCPK:AAUKF, OTCPK:AAUKY), saying the miner is interested only in assets it already trades.
- “With Anglo, we don’t trade diamonds... and we don’t trade platinum,” Glasenberg says.
- A Jefferies analyst wrote yesterday that a Glencore bid for Anglo is increasingly possible as the stock widens its outperformance over its smaller rival, and Anglo CEO Mark Cutifani told WSJ yesterday his company is open to takeover offers.
Tue, Sep. 2, 12:45 PM
- Anglo American (OTCPK:AAUKF, OTCPK:AAUKY) CEO Mark Cutifani says he might be open to a takeover offer if a compelling takeover offer arrives.
- "I'm very open. I'm not scared by it," Cutifani tells WSJ while saying his overriding ambition remains transforming Anglo into a top miner in its own right.
- The CEO says his key aim is to boost the miner's return on capital employed to at least 15% in 2016, after the measure slipped to 10% in H1 2014 from 11% a year earlier.
- Cutifani says he is worried about the outlook for the iron ore market, but says Anglo will still move forward with its delayed Minas-Rio iron ore project in Brazil, which is expected to deliver its first ore later this year.
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
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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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