As chief executive of Anglo American, there are two things that are very clear to me. The first is the enormous inherent value in this company. In its assets. Its capabilities, its networks and the talent of its people across the whole world. It is also clear that to unlock the true potential of this company, we do need profound change. Consistent with our purpose, we now need to reimagine Anglo American to ensure that each of our businesses is best set to thrive and grow. Today, we are setting out the detail of a comprehensive change agenda to accelerate delivery of our strategy and to unlock significant value and consistently stronger shareholder returns. Following the completion of the asset review we initiated last year. We will now implement a number of major structural changes to accelerate delivery against our strategic priorities of operational excellence, portfolio simplification and growth. The Anglo American investment case has always been asset led and that will continue to be the case with a portfolio that is much more focused with a simpler structure. The Anglo American portfolio will be focused on 7 high quality assets across three future enabling products. Those are our world class copper portfolio in South America, our premium iron ore business in South Africa and Brazil and the exceptional long term value that we see in Crop Nutrients. The combination of commodity mix, asset quality and growth potential makes this one of the most attractive ways for investors globally to gain undiluted exposure to such a portfolio with full value transparency. Our growth pathway in copper has enormous potential through further brownfield and Greenfield options that we already own to reach more than 1,000,000 tonnes per year by the early twenty 30s. In addition, through our recently announced combination of our ministerial ignore operation with the adjacent Serpentina deposit, we now have the potential to double production and optimize the use of logistics infrastructure. We will also continue to progress Woodsmith, albeit changing the timing of development to align with our portfolio transformation and our strength and balance sheet. We will progress a number of areas of work, including the critical technical studies, which will then also support the syndication of our project. By simplifying the business in this way, there is real and significant economic value creation. The new Anglo American will be a much higher margin business with stronger cash flow generation. We also have confidence in delivering $800 million in incremental cost savings from the end of 2025 in conjunction with these portfolio changes. Combined with the cost reductions we set out in December 2023, this new organization will also have $1.7 billion of lower cost. I also believe that the step change in accountability and performance transparency will drive better performance. What's more, our proven and differentiated project delivery and sustainability capabilities. Together with our global relationship networks and our longstanding reputation as a responsible mining company will, I believe, help us unlock numerous of our resource opportunities in the jurisdictions where our experience is most valuable and most valued, namely in South America and Southern Africa. As we stand today. We are one of the only major mining companies to have successfully delivered a Tier 1 Greenfield copper mine on time on budget, and that happened to be during COVID 2. This is an incredibly exciting next generation mining company that we are setting up here with enormous growth optionality in the most attractive products which few others have available to them. In terms of our broader portfolio today, the principles of the changes we will be making will be to place businesses in the right hands to deliver the best value outcome overtime. We will be implementing with urgency, but not at the expense of shareholder value or without due regard to our stakeholders. The key steps will include the following. Divesting our high quality steel making coal interests in Australia. Proceeds of that will be used to reset Anglo Americans balance sheet. In nickel, we are exploring options for care and maintenance and divestment for Anglo American Platinum. We will demerge the business in a responsible and an orderly way to allow Anglo American shareholders to gain direct participation in the strong PGM fundamentals and Anglo American Platinum leading competitive and market positions. We will do this in a way that optimizes value for both Anglo American and Anglo Platinum shareholders. Anglo American is currently supporting Anglo American Platinum to be resilient and to deliver sustainable returns through the cycle as one of the world's leading PGM producers. And for the bears, we are exploring a full range of options to separate with the business. This will provide strategic flexibility for both Anglo American and the Beer shareholders, setting it up for success in unlocking full value from its new strategy, its world class assets and its iconic brand. These actions represent the most radical changes to Anglo American in decades. And I believe that these are the right decisions to position Anglo American to capitalize on the outstanding resource endowment opportunities within our portfolio today. Of course, we are conscious of the impacts of making such far reaching changes, particularly on our employees. We see considerable opportunities for our employees both in delivering the full potential of Anglo American and in the businesses that we will be divesting or demerging, all of which are high quality businesses in their own right. We will, of course, implement changes in a manner that is respectful to our employees, host communities and countries. Including ensuring in South Africa in particular, Anglo American continues to play its role as a responsible business leader to support the country's national priorities. As we would also expect Anglo American Platinum to do following the demerger, two major mining companies are even better than one. To conclude, we are taking clear, compelling and decisive action to unlock significant value from Anglo Americans portfolio and thereby accelerate the delivery of consistently stronger returns in the interests of our shareholders and our many other stakeholders. Thank you.
I read this to be the beginning of the end, or maybe just the END of the beginning of the END! A once proud and innovative mining company turned into a sideshow where it is unbundled eventually into nothingness, or maybe at best a small sideline in the global mining playing field. It started when it unbundled JCI, a 100 year old miner that lost its way due to mismanagement at Corporate level at Anglo America and JCI. Where are its remnants today? Not worth even a sideline mention. I have heard the same type speech with the same word strings and promises so often that it sickens me to core. The Anglo Board should have just agreed to the BHP offfer, exited with their share options and spared all the anguish of a wasted effort with thousands of employees fearing for their future from year to year. Talk to the ex-employees of the JCI group, and those of Anglo Pt after the sell-off of mines, they will give one the reality behind those shareholder-directed sweetened words & phrases: “ongoing commitment to unlocking shareholder value”, “ a brighter future for all” and “we value our employees … etc”. Unbundling > right-sizing = job losses to those at the near-end of their careers. Quo Vadis Anglo America?
Anglo American - to form a partnership to preserve the surrounding nature and catch up to avoid acting directly with Anglo American. I await immediate feedback. Exército Brasileiro
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Raquel Ferreira Leite Anglo American Let's go together to extract minerals in Brazil, Chile and all of South America, I want to be the main administrator and investor of Anglo American, we will sign an investment memorandum of understanding. Raquel Ferreira Leite
Interested to see what this is going to bring. In summary, digesting from the Australia steel making business, emerging from Anglo platinum and separation from De Beers, if I understood correctly?
Consulting Engineer/Snr Project Manager/Business Systems Reviews at Astidian Systems at Astidian Systems
2moI read this to be the beginning of the end, or maybe just the END of the beginning of the END! A once proud and innovative mining company turned into a sideshow where it is unbundled eventually into nothingness, or maybe at best a small sideline in the global mining playing field. It started when it unbundled JCI, a 100 year old miner that lost its way due to mismanagement at Corporate level at Anglo America and JCI. Where are its remnants today? Not worth even a sideline mention. I have heard the same type speech with the same word strings and promises so often that it sickens me to core. The Anglo Board should have just agreed to the BHP offfer, exited with their share options and spared all the anguish of a wasted effort with thousands of employees fearing for their future from year to year. Talk to the ex-employees of the JCI group, and those of Anglo Pt after the sell-off of mines, they will give one the reality behind those shareholder-directed sweetened words & phrases: “ongoing commitment to unlocking shareholder value”, “ a brighter future for all” and “we value our employees … etc”. Unbundling > right-sizing = job losses to those at the near-end of their careers. Quo Vadis Anglo America?