Cutifani Gets off to a Low-Key Start

Cape Times (South Africa), July 22, 2013 | Go to article overview

Cutifani Gets off to a Low-Key Start


BYLINE: Dineo Faku

MARK Cutifani, the chief executive of Anglo American, has maintained a low profile in his first 100 days in office. The milestone passed 11 days ago amid turmoil at the company's platinum business.

Anglo shares have dropped by about 34 percent since the beginning of the year, while the JSE all share index is flat. The shares closed 0.92 percent weaker at R206 on Friday, while the all share fell 1.45 percent.

The markets are waiting to see what direction the company is going to take when Cutifani's review is released on Friday along with its interim results.

A market advisory issued this month by Merrill Lynch detailed the many problems facing Anglo and predicted that Cutifani would avoid drama and fireworks by selecting a sensible path, balancing challenges with opportunities. It said the diminished Anglo shares offered "extreme value".

Anglo's stock has performed worse than its bigger diversified competitors, BHP Billiton and Rio Tinto, which have limited exposure to South Africa.

The review of the platinum business and a $4 billion (R39.4bn) write-down on Brazilian iron ore operation Minas Rio have contributed to the share's decline.

Anglo American Platinum is expected to axe 6 000 employees and reduce production by 250 000 ounces this year in the wake of financial difficulties exacerbated by labour troubles.

"By far the largest impact on the share is the exposure to South Africa. There are a number of uncertainties, labour unrest and the killings in Marikana last year," an analyst who spoke on condition of anonymity said.

The platinum business will release interim results today.

About 37 percent of Anglo's operations are in South Africa, while its competitors have been disinvesting.

Kieron Hodgson, a commodities and mining analyst at Charles Stanley Securities, noted that Cutifani's first 100 days as chief executive were immaterial considering the complexity of leading a diversified mining company of Anglo's magnitude. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Note: primary sources have slightly different requirements for citation. Please see these guidelines for more information.

Cited article

Cutifani Gets off to a Low-Key Start
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen
Items saved from this article
  • Highlights & Notes
  • Citations
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Search by... Author
    Show... All Results Primary Sources Peer-reviewed

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.