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...Under the takeover proposal, Anglo would spin off its iron ore and platinum metals divisions....
...Soaring steel imports are a particular sore spot for the Brazilian government as the Latin American nation is one of the world’s largest exporters of iron ore — a primary ingredient in steel production....
...The miner is one of the world’s biggest producers of iron ore and copper and depends on sales to China, where it generated 54 per cent of its $55.6bn of revenues in 2022....
...Anglo American, one of the few miners to build a copper mine in recent years, offers growth in the red metal, buried amid its South African iron ore and platinum assets....
...Under BHP’s proposal, the London-listed miner would be broken up, spinning off its South African-based platinum metals and iron ore divisions....
...Indeed, Rio Tinto — overwhelmingly making money in the age-old mining business of shovelling iron ore from Australia to China — has fared better than its more battery metals-focused peers....
...South Africa, where Anglo American has iron ore, steelmaking coal and platinum mines, has become an increasing drag on production because of crippling problems in the logistics and power sector....
...Anglo said that as part of any deal, BHP was proposing spin-offs of two Anglo units — Anglo American Platinum, the platinum division known as Amplats, and Kumba Iron Ore....
...Why does BHP want to own Anglo American? It doesn’t, it wants to own some of Anglo American, specifically the bits that don’t need fixing....
...Anglo American has written down $2.4bn in its diamond and nickel businesses as the gemstone market takes longer to recover and the battery metal suffers from a glut of Indonesian supply....
...The International Energy Agency said there would need to be a big increase in the production of metals such as copper, lithium and iron ore in the coming years for the world to achieve net zero emissions...
...plains of Carbon County, in southern Wyoming, in the great American West....
...platinum and iron ore operations driving most of the company’s earnings....
...Anglo American has unveiled plans to slash metal production to cut costs and combat the slide in its share price that has been far deeper than rival mining companies....
...However, the former head of Anglo American also stressed: “There’s no indication that there won’t be an appropriate process to find a successor.”...
...The mining sector remains unloved by investors despite record profits for many big companies last year, and despite widespread expectations of a boom in demand for metals such as copper, iron ore and nickel...
...Almost 8mn tonnes of material has been stockpiled at its Kumba iron ore site because of rail issues....
...Russ Mould, investment director at AJ Bell, says: “Leading copper miners listed in the UK include Antofagasta and Central Asia Metals, while Anglo American, Rio Tinto and Glencore are more diversified producers...
...China’s heavily subsidised steel and aluminium makers have flooded global markets with discounted metals, costing Pennsylvania jobs, he said....
...as iron ore, copper and steelmaking coal would take place by the end of the year....
...A version of this article was first published by Nikkei Asia on April 19 2024. ©2024 Nikkei Inc. All rights reserved....
...The venerable American business was once the backbone of its country’s industrial base. In recent decades it has suffered from the onslaught of cheap foreign producers, first from Japan, then China....
...iron and bronze, natural materials such as wood, series of works on paper, and a diverse range of book sculptures....
...The FTSE 100 miner of commodities such as iron ore, copper and steelmaking coal cut dividends by more than half to $700mn, after first-half earnings before interest, tax, depreciation and amortisation slumped...
...The FTSE 100 company, better known for mining iron ore, base metals, steelmaking coal, platinum group metals and diamonds, is also betting that its planned mine will diversify its revenues and green a portfolio...
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