Latest news with #AngloAmerican
Yahoo
17 hours ago
- Business
- Yahoo
On this day in 2024: pledge of support after Woodsmith Project cuts
On this day in 2024, the York Press reported that York and North Yorkshire local government representatives had pledged to help staff made redundant by cuts to a planned £7bn fertiliser mine. The move followed Anglo American's announcement of its intention to "slow the development" of the Woodsmith Project mine, which had been due to open near Sneaton, south of Whitby, in 2027. As reported at the time, more than 2000 people, including contractors, had been working on the scheme, but the number was expected to be cut to 900, including contractors, within the ensuing 12 months. James Farrar, interim head of paid services at York and North Yorkshire Combined Authority, said at the time: "The announcement surrounding the future of Anglo American's Woodsmith Project is understandably of concern to the many staff, and associated businesses, which depend on the long-term viability of the site. "The mine is a major regional employer, drawing its workforce from Scarborough, Whitby, and other nearby rural and urban areas. "While York and North Yorkshire Combined Authority is disappointed to learn of Anglo American's decision to slow development at the Woodsmith Project, we consider the mine integral to our economic ambitions as a region. "The Combined Authority and the York and North Yorkshire Mayor have, therefore, committed to ensuring every affected employee at the Woodsmith Project is connected to opportunities for reemployment, skills training, and small-business support. "I'd like to reassure those affected workers that we are listening to you and that, through a multi-agency approach, we will ensure you have access to the full range of available support services. "Meanwhile we will continue to work closely with Anglo American in navigating this challenging period and supporting the company's long-term commitment to polyhalite fertiliser extraction in our region."
Globe and Mail
11-06-2025
- Business
- Globe and Mail
Platinum Gains 15% On The Year And Outpaces Gold
Move over %Gold. Investors are now piling into %Platinum amid continued macroeconomic and trade uncertainty. So far this year, platinum prices have risen 15%, outpacing gold, which has stalled after hitting an all-time high above $3,500 U.S. per ounce in April. Platinum's return has rarely surpassed gold. Analysts say the current outperformance is due to investors seeking other stores of value as concerns persist over trade and tariffs. The rise in platinum's price is a positive development for leading miners of the metal, such as Anglo American (LON: AAL), %IvanhoeMines (TSX: $IVN), and %BravoMining (TSXV: $BRVO). Precious metals such as platinum and gold are considered safe investments in times of economic stress and geopolitical uncertainty. Platinum may also be benefitting from China, which is the largest platinum market globally. In this year's first quarter, platinum jewelry demand grew by 50% year-over-year in China, according to data from the World Platinum Investment Council. That growth in China is double the typical platinum demand and has been attributed to gold becoming too expensive for many consumers to buy. With gold prices near record highs, Chinese consumers are beginning to look more favourably on platinum, say analysts. Supply is yet another contributor to high platinum prices as mined output of platinum from South Africa decreased by 12% in this year's first quarter from a year earlier, helping to lift prices. Despite platinum's current strength, gold remains roughly 2% from making a new record high while uncertainty about the U.S. economy and trade policies remains extremely high.
Telegraph
10-06-2025
- Business
- Telegraph
The best cure for low prices is low prices. This miner is set to benefit
Questor is The Telegraph's stock-picking column, helping you decode the markets and offering insights on where to invest. Investors are still not quite sure what to make of the turnaround plan at miner Anglo American, with the shares no higher than they were in late 2021, but the demerger of Valterra Platinum offers the latest pause for thought. Valterra's shares trade in Johannesburg and London and the timing of the spin-off could be interesting since platinum prices stand at a three-year high and the CRB Commodities index is making a good go of testing its loftiest level since 2011. We remain interested in Anglo American on the basis that the proposed restructuring should reduce debt, simplify the group structure and leave the FTSE 100 constituent as a more focused play on copper, iron ore, nickel and phosphates. In addition, the valuation does not look demanding relative to the company's book, or net asset, value per share. Potential future catalysts to unlock that value could be the proposed sale or flotation of diamonds specialist De Beers, further debt reduction and any hint of further advances in commodity prices, a trend that could result from China's efforts to stimulate its economy, American determination to foster growth, or safe haven buying of real assets if inflation rears its head once more. Anglo American retains a near-20pc stake in Valterra after a deal which saw investors get 110 shares in the leading producer of platinum group metals (PGM) for every 1,075 they held in the parent.
Fashion Network
09-06-2025
- Business
- Fashion Network
De Beers draws interest from billionaire Agarwal, Qatari funds, sources say
Diamond giant De Beers has drawn interest from at least six consortia, including billionaire Anil Agarwal, Indian diamond firms and Qatari investment funds, sources close to the companies told Reuters. De Beers is being carved out of Anglo American as the London-listed miner refocuses on copper and iron ore but the move comes with global diamond prices under pressure. Agarwal, chairman of Vedanta Resources, which has mines in Zambia and South Africa, is among the interested parties, as part of a bigger group, two sources said. Anglo and Agarwal both declined to companies including KGK Group and Kapu Gems, which dominate the domestic cutting and polishing trade, and are De Beers's biggest customers, have also expressed an interest, two sources with knowledge of the matter said. KGK Group and Kapu Gems did not respond to requests for comment. Anglo American, whose book value for De Beers stands at $4.9 billion, following $3.5 billion in impairments over the last two years, said it has retained financial advisers Morgan Stanley, Goldman Sachs and Centerview to help with a sale or a demerger and potential listing. © Thomson Reuters 2025 All rights reserved.
Fashion Network
08-06-2025
- Business
- Fashion Network
De Beers draws interest from billionaire Agarwal, Qatari funds, sources say
Diamond giant De Beers has drawn interest from at least six consortia, including billionaire Anil Agarwal, Indian diamond firms and Qatari investment funds, sources close to the companies told Reuters. De Beers is being carved out of Anglo American as the London-listed miner refocuses on copper and iron ore but the move comes with global diamond prices under pressure. Agarwal, chairman of Vedanta Resources, which has mines in Zambia and South Africa, is among the interested parties, as part of a bigger group, two sources said. Anglo and Agarwal both declined to companies including KGK Group and Kapu Gems, which dominate the domestic cutting and polishing trade, and are De Beers's biggest customers, have also expressed an interest, two sources with knowledge of the matter said. KGK Group and Kapu Gems did not respond to requests for comment. Anglo American, whose book value for De Beers stands at $4.9 billion, following $3.5 billion in impairments over the last two years, said it has retained financial advisers Morgan Stanley, Goldman Sachs and Centerview to help with a sale or a demerger and potential listing.
