Anglo American Platinum (Amplats) has raised doubt over the financial position of its Rustenburg operations.
The company said on Monday that the unit is not in a good financial position and the management might have to restructure its operations. The company indicaed that it will have to make changes in order to achieve long tern sustainability.
Anglo American has announced its decision of pull out of proposed the Pebble Mine project in the Americna state of Alaska.
The London-based company that owns a 50 per cent share in the Pebble Mine project that was to be developed in Alaska’s Bristol Bay watershed, has said that it is pulling out of the venture. Northern Dynasty Minerals, the original owner of the mine, has indicated that the project will still go ahead as planned but the pullback would affect the plans for the development of the controversial proposed copper and gold mine.
South Africa's Kumba Iron Ore has said that it has recorded a fall of 28 per cent in headline earnings to R12.2bn during the year till December, 2012.
The company said that the fall is mainly due the effects of the illegal strikes of the previous year as well as increasing costs and lower prices. Kumba pointed out that its flag-ship Sishen mine has still not returned to full production months following illegal strike in the previous year.
Global giant, Anglo American has pointed out that several unprotected strikes have affected production at the Anglo American Platinum (Amplats) and Kumba Iron Ore during the third quarter of the financial year.
Amplats said that unprotected strikes affected production during October and November at several facilities including Rustenburg mines, Union and Amandelbult mining operations. Amplats, in which Anglo American has a stake of 80 per cent, was able to offset the fall in production by selling pipeline stocks.
UK based Indian steel tycoon, Lakshmi Mittal is set to acquire several assets of Lafarge and Anglo American.
The Britain's Competition Commission had set a condition for Lafarge and Anglo American to sell their units in order to be able to obtain clearances for combining their building materials activities in the country. Mittal will acquire 172 readymix concrete plants and five aggregates quarries, as well as the Hope cement plant in Derbyshire.
In what could cost India's biggest mining group $1.34 billion, Vedanata has agreed to but the mines of Anglo American. The mines deal with zinc and are situated in the countries of Namibia, South Africa and Ireland.
The company, which recently got listed on the London Stock Exchange is trying to expand its global footprints and the buying of mines is a part of that plan.
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