Anglo American may have passed on this one, but Nippon are up for it. Japan’s largest steel company, Nippon Steel and Suminato Metal Corp, was given the go-ahead on Thursday to develop the Revuboè coal project in Mozambique’s Tete province. It now hopes to begin production by 2016, nestled in among other major extractors in one of the world’s most important new mining regions.
The announcement comes little over a week after the London-listed mining giant, Anglo American, said it had dropped plans to acquire a $555m majority stake in the Revuboè venture, which is situated adjacent to Vale’s Moatize mine and Rio Tinto’s Zambezi and Benga mines. Read more
Not so long ago, everything he touched turned to gold. Now Eike Batista’s bad luck seems to be contagious.
Anglo American’s $4bn writedown on Minas-Rio in Brazil comes about five years after it bought the cursed iron ore project from Eike in two transactions totalling $5.1bn. Read more
Another day, another big writedown on a mega mining project. On Tuesday it was the turn of Anglo American, which announced a $4bn charge on Minas Rio, its troubled Brazilian iron ore scheme.
With group having signalled its intentions well in advance, the shares barely moved in early trading in Johannesburg. But the lack of shock won’t necessarily make the shareholders feel better about the money they’ve lost. It’s an expensive reminder of the challenges that will face Mark Cutifani when he takes over as chief executive from the departing Cynthia Carroll. Read more
When Cyril Ramaphosa was elected deputy president of the governing African National Congress last month his re-emergence into the top echelons of South Africa’s politics was widely welcomed.
Yet as Ramaphosa has settled into his new job, the old rifts between public and private sectors have rapidly resurfaced, laced with bellicose language. Have we enetered a new period of ANC/corporate mistrust? Read more
Catch up with the week in emerging markets, featuring: the most read stories; five things we have learned; and the week in a chart – this week, Anglo American. Read more
As shareholders toast the appointment of Mark Cutifani as the new Anglo American chief executive, strong resentment is brewing at the bottom ranks of the mining sector with the leading National Union of Mineworkers (NUM) saying the company should have appointed a black man, or even a local white woman, instead of a white man.
54-year-old Cutifani is understood to be the second non-South African to run Anglo. He will receive a basic salary of £1.2m as well as £2.4m of compensation for loss of incentives on leaving his current post at AngloGold. Read more
What difference a new CEO makes – and how a good one leaving can hurt. Since the FT reported on Monday that Mark Cutifani of AngloGold Ashanti was set to take over the reins at Anglo American – and confirmed on Tuesday – investors have given their verdict. This week, Anglo American is up over 3.3 per cent; AngloGold is down 2.9 per cent.
Both companies have given the move their spin – “inspirational leadership” said AngloGold; a “seasoned miner” said Anglo American. But as Lex pointed out, it’s Cutifani’s ability to make asset disposals and foster good relations with governments that will be most valued in his new job.
The peace pipes are out at Codelco and Anglo. As if nearly a year of legal fisticuffs, allegations of bad faith and dogged heel-digging over ownership of key Chilean assets had never happened, the bosses of Chile’s state copper company and London-listed Anglo American are back on speaking terms again.
And their new best friends? Mitsubishi and Mitsui, the Japanese trading houses sucked into Chile’s most high-profile corporate squabble in years. Read more
By Jude Webber in Buenos Aires and Helen Thomas in London
No more dispute over Disputada? It looks like Codelco, the world’s biggest copper miner, and Anglo American are dotting the i’s and crossing the t’s of a deal to end their bruising tug-of-war over the Anglo American Sur unit in Chile, formerly known (ironically) as The Disputed One. Read more
Could Codelco and Anglo American yet kiss and make up in their bitter row over some of Anglo’s copper assets in Chile? If the rumour mill is to be believed – just maybe. Read more
Codelco, the world’s biggest copper miner, is keen to stress it will be business as usual after the abrupt departure of Diego Hernández, its veteran CEO and a highly respected figure in the industry. Yet the shock decision could hardly have been taken at a more delicate moment. Read more