Newspaper article The Evening Standard (London, England)

Anglo American Scales Peak as Its Turnaround Gains Pace

Newspaper article The Evening Standard (London, England)

Anglo American Scales Peak as Its Turnaround Gains Pace

Article excerpt

Byline: Michael Bow

ANGLO American hit a year-long share price high today after a positive production update fuelled by the drastic turnaround in fortunes for Mark Cutifani's group.

The shares rose 4.5% to 1113p, meaning the stock is up a whopping 272% since New Year's Day after the commodities slump which had driven Anglo and others into the ground showed signs of fading away.

Production at Anglo's mines, which range from digging sites in South Africa to Chile, was in positive territory apart from a 9% output fall in copper and flat production in thermal coal.

Cutifani (pictured) said "operational improvements" were behind the better performance. The completion of works to rebuild two of its big furnaces in Brazil, which were shut for several months to fix design faults, drove nickel production up 66%.

Minas-Rio iron ore site in Brazil bolstered its production by 53% . Another bright spot for Anglo was its De Beers diamonds business. Production rose 4% to 6. …

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