Anglo American has determined that the following assets will be divested
1. Scaw Metals
2. Copebrás
3. Catalão
4. Group’s portfolio of zinc assets.
Together with Tarmac, this has previously been identified as non core, these assets accounted for approximately 11% of 2008 Group EBITDA.
Mr Duncan Wanblad, as Group Director Non-core assets, will manage this portfolio as a standalone unit.
The divestment of these assets will be undertaken in a manner and on a timetable that will maximize value for Anglo American’s shareholders. Preparatory work for the separation of these businesses from the Group’s core operations has commenced. Anglo American will provide further updates on the divestments as appropriate.
The release added that “Anglo American’s decision to divest certain non core assets builds on the initiatives completed over the last three years, including the demerger of the Mondi Group and the sale of the Group’s shareholdings in AngloGold Ashanti, Highveld Steel and Vanadium, Namakwa Sands and, most recently, Tongaat Hulett and Hulamin.”
Mr John Parker chairman of Anglo American said that "Today’s announcement represents an important step in creating a more streamlined business, with enhanced focus on operational effectiveness and project delivery. We have a truly world class portfolio of assets and these initiatives further improve our ability to deliver its full potential."
