Platinum’s three biggest producers are accepting crippling output disruptions and lost sales from a South African strike rather than yielding to union demands and higher wage costs, according to Stanlib Asset Management.
Anglo American Plc’s Mark Cutifani will have no one left to blame if he fails to meet his goal of turning the company around as early as next year after writing down former Chief Executive Officer Cynthia Carroll’s deals.
Anglo American Plc, the mining company reviewing its operations worldwide to try to save cash, plans to raise annual copper output by 150,000 metric tons to counter falling ore grades and delays in developing projects.
Anglo American Plc appointed Mark Cutifani as chief executive officer as the mining company seeks to reverse the $14 billion loss of market value it suffered in the five years his predecessor Cynthia Carroll was in charge.
Anglo American Plc, the mining company investing $16 billion in Brazil, is content keeping full ownership of its Minas-Rio project as iron-ore prices recover and development advances without fresh delays.
AngloGold Ashanti Ltd., the world’s third-largest producer of the metal, cut its dividend by half in the third quarter and reduced annual spending plans by $200 million after strikes idled all of its South African mines.
South Africa is scaring investors and threatening job creation with escalating arguments over calls for nationalization of the mining industry, AngloGold Ashanti Ltd. Chief Executive Officer Mark Cutifani said.