Diversified mining major Anglo American is targeting value elevation in its planned demerging of South Africa-based Anglo American Platinum (Amplats) and the envisaged divestment or demerger of Southern Africa-dominant De Beers. In rejecting BHP’s second takeover offer, Anglo intends reshaping its portfolio to consist of copper in Peru and Chile, top-quality iron-ore in South Africa and Brazil, and the opportunity presented by the crop nutrients project in the UK.
Mantashe warms to Anglo plan after opposing BHP bid
South Africa’s mines minister struck a conciliatory tone as Anglo American Plc announced plans to separate its platinum unit as part of a major shakeup following its rejection of two approaches from BHP Group. “It is their strategy and they must do anything that will optimize value,” Mines Minister Gwede Mantashe said by phone.
Copper climbs to highest in two years as bulls see deficit
Copper touched its highest level since 2022 after a powerful rally fueled by forecasts of a growing global supply deficit.
The commodity’s gain since the start of January is approaching 20% with prices defying typical indicators of soft demand, especially in China. That’s partly because investors see tight mine supply creating a shortfall of the metal as soon as this year.
Tin prices may see further support from supply risks, rate cuts, analysts say
Tin prices, which have rallied in recent months to near two-year highs, could be bolstered further by supply disruptions, ongoing geopolitical conflicts, fund inflows in the event of interest rate cuts and stabilising demand, analysts say.
Benchmark three-month tin on the London Metal Exchange CMSN3 hit $36 050 a metric ton in April, propelled by production problems in Myanmar, Indonesia and the Democratic Republic of Congo, which accounted for 43% of global tin mine production in 2023 according to United States Geological Survey data.
PGMs to face continued supply constraints, low prices – report
Precious metals consultancy Metals Focus’ new ‘Platinum Group Metals (PGM) Focus 2024’ report, which offers a comprehensive analysis of the PGM industry, indicates that the rest of the year will be defined by persistent supply constraints, coupled with robust demand, leading to another year of deficits across platinum, palladium and rhodium. “However, high inventories will [also] weigh on prices,” Metals Focus PGM director Wilma Swarts says.
Anglo American eyes offloading steelmaking coal, nickel, diamonds
Anglo American laid out a strategy update on Tuesday that includes exploring options for its steelmaking coal, nickel and platinum businesses, in an effort to fend off a takeover bid from the world’s largest miner BHP Group.
The announcement comes a day after the London-listed miner rejected a raised offer from BHP, saying it continued to significantly undervalue the company and was “highly unattractive” for its shareholders.
Investors expect BHP to lift Anglo American offer again
BHP is likely to sweeten its $43-billion takeover offer for Anglo American for a second time and possibly add cash, investors in both companies said on Tuesday, after the London-headquartered target rejected a higher bid.
Anglo said the improved all-share offer, up 10% from BHP’s initial proposal, continued to significantly undervalue the company.
Analysts highlight concerns over valuation, regulatory hurdles in BHP-Anglo proposal
The rejection – for the second time – of BHP’s attempt to propose a deal with Anglo American underscores the concerns that continue to persist regarding value and regulatory hurdles in the proposed transaction.
Responding to the latest developments in the BHP-Anglo takeover, CreditSight analysts Wen Li and Michael O’Brien assert that the revised bid price proposal still falls short of reflecting Anglo’s value.
DRC allows Zijin mine to resume operations, mines ministry letter says
Democratic Republic of Congo’s government has lifted a suspension order on a Congolese copper and cobalt operation majority-owned by China’s Zijin Mining Group, according to a letter seen by Reuters on Monday. Congo’s mines ministry last month halted the activities of the COMMUS project, in which Zijin owns a 72% stake, to investigate mineral products returned from South Africa due to overly high radiation levels.
Lithium miner debuts as Ghana’s first listing in two years
Australian-based Atlantic Lithium, which is developing Ghana’s first lithium mine, has taken a step toward raising capital from equity investors in the country.
The company has listed all its shares in issue on the Australian Securities Exchange and London Stock Exchange’s AIM board, on the Ghana Stock Exchange, said Abena Amoah, the Accra-based bourse’s MD.
The shares opened at 4.40 cedis ($0.31) apiece at Monday’s launch in Accra.