• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Anglo Faces Headwinds In Keeping Restructuring On Track

1 year ago
in Business, Features, highlights, Home, home-news, latest News
2 min read
0 0
0
80
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

RelatedPosts

MTN Nigeria Now the Most Capitalized Stock in Nigeria

Nigerian Stock Market Creates Largest Pool of Billion-Dollar Stocks in 2025

OPEC+ Nears Decision Point on Next Oil Output Hike

Anglo Faces Headwinds In Keeping Restructuring On Track

Anglo American Plc laid out the scale of challenges it faces as the company pushes ahead with a radical restructuring plan, after rebuffing a takeover approach from rival BHP Group earlier this year.

The company on Thursday pointed to setbacks at its coal and diamond businesses, as well as an expected $1.6 billion writedown at a fertilizer mine in the UK, as it announced first-half earnings results.

Anglo has been forced to accelerate its restructuring after successfully holding off the bid from BHP, the world’s biggest miner. The plan centers around exiting diamond mining by spinning off or selling its De Beers unit, separating platinum and selling its coal mines. It also has also halted development of the Woodsmith project in Britain.

“We are advancing at pace,” chief executive officer Duncan Wanblad said on a call with reporters. “We are on track to be substantially done with this process by the end of 2025.”

Yet the miner is facing headwinds in that process. A fire and explosion at its flagship coal mine in Australia has complicated the De Beers sale, while the diamond market continues to languish, deterring potential buyers of the unit.

Selling the coal business was seen internally and by investors as the most easily achievable part of the restructuring, yet it was thrown into doubt by the incident at the Grosvenor mine in Australia at the end of last month. Despite that, Anglo’s Wanblad said that it would still look to sell the entire coal business, including the impacted mine, and would like to see a deal done by the end of the year.

“Almost all of the bidders reconfirmed their interest,” Wanblad said in an interview with Bloomberg TV. “On the back of that reconfirmation of their interest, we decided to carry on and we will include Grosvenor in the package.”

Diamond troubles

Other issues are complicating the sale of De Beers.

The diamond market, which came to a complete halt last year as weak global demand combined with too much supply, has seen early signs of a recovery broadsided by a slump in luxury spending in China. Anglo cut its diamond production on Thursday for the second time this year, in an attempt to deal with the oversupply.

“Diamond markets are particularly soft at the moment, and a lot of that is because what is happening in China,” Wanblad said in the TV interview. “It has all the characteristics of the bottom of the cycle for diamonds.”

Wanblad said a recovery in the diamond market is now expected to be delayed until next year, but that wouldn’t stop the company’s plans to sell De Beers.

The company on Thursday reported underlying earnings of $4.98 billion in the first half of 2024, a 3% drop from a year earlier. Anglo American shares were little changed by 12:21 p.m. in London, after declining earlier.

The miner’s strong performance demonstrates “early success of the cost-savings program,” according to Bloomberg Intelligence metals and mining analyst Grant Sporre.

Still, while Anglo’s financial results were positive, there are “relatively high risks associated with the company’s proposed restructuring plan,” said Jefferies analyst Christopher LaFemina.

Source: mining.com
Via: norvanreports
Tags: AngloAnglo Faces Headwinds In Keeping Restructuring On Trackrestructuring

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

No Result
View All Result

Highlights

Europe’s Energy Future Hinges on Global Powers

US Companies Cut Investments in China to Record Lows, Here’s Why

How AI is Rewriting and Enhancing Water Risk Management

SheFarms Broiler Edition Kicks Off in Greater Accra

PharmAccess Ghana, Healthcare Federation of Ghana sign SafeCare License Agreement; to use Newest ISQua-Certified Version 5

Tanzania Sink Burkina Faso to Delight Home Crowd In TotalEnergies CHAN 2024 Opener

Trending

Features

MTN Nigeria Now the Most Capitalized Stock in Nigeria

August 3, 2025

MTN Nigeria Now the Most Capitalized Stock in Nigeria MTN Nigeria has surged to become the most...

Nigerian Stock Market Creates Largest Pool of Billion-Dollar Stocks in 2025

August 3, 2025

OPEC+ Nears Decision Point on Next Oil Output Hike

August 3, 2025

Europe’s Energy Future Hinges on Global Powers

August 3, 2025

US Companies Cut Investments in China to Record Lows, Here’s Why

August 3, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.