Anglo American accelerates unlocking significant value

Anglo American is setting out a clear, compelling and decisive plan to unlock significant value from its portfolio. Following completion of the asset review initiated during 2023, Anglo American plans to implement a number of major structural changes to accelerate delivery against its strategic priorities of operational excellence, portfolio simplification, and growth:


  • 3 of the top 10 producing copper mines in South America, with outstanding resource endowments
  • Set for multiple decades of competitive production and growth, with a defined pathway to >1mtpa of copper production

Premium iron ore

  • Focused producer of 100% premium product, ideally suited to support steel decarbonisation
  • Attractive resource endowments in Brazil and South Africa

Crop nutrients

  • Slow down development to support balance sheet deleveraging, while critical technical studies are completed in 2025, to then support syndication. Capex reduced to $200 million in 2025 and capex in 2026
  • Preserving long term value from high quality asset with multi-generational resource scale

Clear pathway for portfolio value delivery – in the right way and for value

  • Steelmaking Coal – To be divested and currently responding to strong buyer interest
  • Nickel – Exploring options for care and maintenance and divestment
  • Anglo American Platinum – To be demerged in a responsible and orderly way to optimise value for both Anglo American’s and Anglo American Platinum’s shareholders
  • De Beers – To be divested or demerged, to improve strategic flexibility for both De Beers and Anglo American

Duncan Wanblad, Chief Executive of Anglo American, said: “We set out our clear strategic priorities earlier this year – operational excellence, portfolio simplification, and growth. Our decision to focus Anglo American’s portfolio in our world-class resource asset base in copper and premium iron ore – while retaining our crop nutrients optionality at Woodsmith – marks a major new phase in executing our strategy.

“We expect that a radically simpler business will deliver sustainable incremental value creation through a step change in operational performance and cost reduction.

“Anglo American’s shareholders will see the full undiluted upside from these extensive changes, with the value of our copper and iron ore assets brought to the fore. This next step in the transformation of Anglo American’s portfolio is set to accelerate the recognition of value that has been inherent in our business for many years and provide Anglo American’s shareholders with undiluted and differentiated participation in the major structural demand trends, while minimising any frictional costs associated with this major portfolio transformation.

“These actions represent the most radical changes to Anglo American in decades. I believe these are the right decisions to position Anglo American to capitalise on the outstanding resource endowment opportunities within our portfolio today. Our proven and differentiated capabilities within Anglo American, our global relationship networks and our longstanding reputation as a responsible mining company will help us unlock numerous of these and other opportunities in the jurisdictions where our experience and track record are most valuable and most valued, namely in South America and Southern Africa.

“Of course, we are conscious of the impacts of making such far-reaching changes, particularly on our employees. We see considerable opportunities for our employees, both in delivering the full potential of Anglo American and in the businesses that we will be divesting or demerging, all of which are high quality businesses in their own right. By implementing these portfolio changes ourselves, we will be able to do so in a manner that is respectful of our employees, host communities and countries, including ensuring that in South Africa in particular Anglo American continues to play its role as a responsible business leader to support the country’s national priorities.

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