Anglo American's complete disregard for the Manganese business was evident in its CEO's comment to the analyst question during the strategy session. I have no doubt S32 can help themselves to the remaining JV share if there is a business case for it. I personally don't see that as a good strategic move right now.
If It was up to me I will focus my attention on Sandfire. Although it has a premium price tag ($4B) it fits very well into S32's strategy and will be value accretive (1+1 = 3). S32 needs to bump up its copper/zinc/silver exposure to at least equal to its Aluminium businesses. S32 is also better positioned to push ahead with Black Butte project in US and possibly achieve synergies with its own interests in the US.
Its a marriage made in heaven.
News: S32 Noronex Says Earn-In & Strategic Alliance With South 32 On Namibia Copper, page-9
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