Insight
Anglo American – carving a new portfolio
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
This insight examines the likely outcome of Anglo American's portfolio rationalisation which includes divesting or demerging assets in PGMs, met coal, diamonds and nickel. In H1 results Anglo American provided further details on the strategic overhaul, which includes focusing on its core copper and iron ore operations. The company also demonstrated substantial progress in its operational excellence journey being on track to deliver a total of $1 billion in cost savings by the end of 2024. Our assessment cuts across the four commodity segments for which Anglo American has established dedicated transaction teams. We present our views on the likely timing, structure and proceeds of the rationalisation plan: - PGMs - relatively straightforward in specie distribution in 2025 - Diamonds - Origins strategy to deliver exit through listing or sale - Coal - sale at premium likely, Grosvenor complicates timeline - Nickel - strategic suitors could emerge for consistent cash generators
Table of contents
- Operational excellence
- PGMs – relatively straightforward in specie distribution in 2025
- Diamonds – Origins strategy to deliver exit through listing or sale
- Coal – sale at premium likely, Grosvenor complicates timeline
- Nickel – strategic suitors could emerge for consistent cash generators
- Making the most of strategic alternatives will position the company for growth
Tables and charts
This report includes the following images and tables:
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Wood Mackenzie base case rationalisation assumptionsDe Beers retail stores history and forecastDe Beers Other financial results since 2016
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De Beers retail comparable valuation metricsDe Beers group carbon emissions projectionDe Beers Group EBITDA by function forecast and marginRecent metallurgical coal transactions involving diversified miners
What's included
This report contains:
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