Anglo American chief executive Mark Cutifani is mulling over the company’s exit from its South African thermal operations.
This will likely be done through a demerger in two to three years’ time and also include its Cerrejón operation in Colombia, which mine ownership is shared with BHP and Glencore.
Cutifani said the company had reduced its thermal coal footprint by 55 per cent and was well on the way to achieve its exit target.
The chief executive expects the South African exit to take place much more quickly than its departure from Cerrejón.
https://www.australianmining.com.au/news/anglo-american-flags-thermal-coal-exit/
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Ash here.
Cutifani speaks of a demerger rather than a sale. Considering S32's inability to close the transaction with Seriti, a demerger may prove a least-worst option.
On current trend, S32 will have to manage down SASC to closure. That will be a thankless task - bolshie miners, government upset at the loss of economic activity, power stations demanding supply at below cost and the risk of remediation to a different standard than earlier required and provided for. All and any would seek to trash S32's good name as a bargaining lever.
Shudder.
Ash
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