Today's Labour News

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angloamerican fullFinancial Mail writes that the clock is ticking on Anglo American CEO Duncan Wanblad’s radical restructuring plan.

Having promised to simplify the 107-year-old group in as little as 18 months, he must do so amid a complexity not dissimilar to BHP’s recent takeover bid, which was finally rebuffed on 29 May. But, BHP could yet return for Anglo at a later stage, along with new, rival bidders – especially if Wanblad fails to deliver. The most daunting part of his plan is the sale of De Beers. The unbundling of its platinum business, Anglo American Platinum, for value, will be no walk in the park either, even with a possible London listing. Both transactions are complicated by the dramatic outcome of the SA national election. Asked about how an uneasily assembled coalition or government of national unity could influence the regulatory procedure of Anglo’s SA divestments, Wanblad commented: “If there are any massive changes, we will have to adapt. We will rely on the institution of government to move it forward.” In truth, Wanblad doesn’t know what to expect. Gwede Mantashe, an ANC heavyweight who has a side hustle as the country’s mineral resources & energy minister, previously defended Anglo’s rejection of BHP’s proposal. While the direction of the minister’s alliances are difficult to predict, Wanblad says he trusts that the government recognises Anglo’s relevance to the national cause. What’s certainly clear from BHP’s offer is that mining companies are choosing buying over building new mines.

  • Read the full original of the report in the above regard by David McKay at Financial Mail (subscriber access only)

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