Anglo American takes a leaf from Glencore’s book, sets up trading and logistics division set to contribute $400m to profits within two years
Diversified mining group Anglo American (LON:AAL) surprised markets and ended 2013 on an exceptional note, as the turnaround plan under new CEO Mark Cutifani gathers pace.
The London-listed giant reported robust increases in iron ore, copper, coal and platinum production and long-suffering investors – the company’s shares remain 28% cheaper than this time last year – duly rewarded it.
Apart from cost-cutting, rationalization and a renewed profit over growth focus, Cutifani who took the reins of the company last year, also signalled a new approach to the business of mining to differentiate Anglo from its peers, which have become increasingly dependent on iron ore for profits.
Read more at: http://www.mining.com/more-than-mining-anglo-sets-up-trading-arm-26785/
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