Anglo American will not be an "inevitable" acquisition target after unbundling its diamond, platinum, nickel, and coal units, according to the chief executive Duncan Wanblad.
Reuters reports that after rejecting a $49-billion takeover bid from larger rival BHP Group in May, the diversified mining group is restructuring its business to focus primarily on energy transition metal copper.
Unnamed analysts cited by the news agency had said Anglo's condensed portfolio may make it a more appealing acquisition target for suitors interested in its copper assets.
"I don't believe it's inevitable at all. We will be a viable, stand-alone company in the market," Wanblad said while addressing queries about another potential bid during a virtual address to a mining conference in Johannesburg.
"I cannot say what other people are going to do from a corporate action point of view. I don't really care about that, what I care about is delivering on the strategy to create value not only for shareholders but, more importantly for all stakeholders."
Wanblad said copper will account for 60% of Anglo's business after the miner divests from diamond giant De Beers, Australian steelmaking coal assets, nickel mines in Brazil, and Anglo American Platinum (Amplats) in South Africa.
Apart from its copper assets in Chile, Anglo will keep iron ore mines in South Africa and Brazil, as well as the Woodsmith fertiliser project in the United Kingdom.
He said Anglo could offer one more parcel of shares in Amplats after selling 5.3% of the company's shares to institutional investors last month as it aims to carefully manage the divestment, which is set to be completed in the first half of 2025.
"There might only be one more opportunity to do it and if we did it, it would be completely dependent on markets at the time of that opportunity," said Wanblad.
Mathew Nyaungwa, Editor in Chief, Rough&Polished
