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VENTURES AFRICA – World leading mining company Anglo American (Anglos), expects business “headwinds” to carry on next year, but conditions will improve in 2015 and 2016.
“As we reset the business, the benefits of much improved operational processes and performance will flow through largely in 2015 and 2016. In the immediate term, we have already delivered significant sustainable improvements, “ said Anglo’s CEO Mark Cutifani, sharing updates on the firm’s new strategy ahead of an investor presentation Thursday.
The company has restructured the manner that it allocates money to different projects, in a bid to manage and controll costs.
He said the firm will also examine its project pipeline and the $400 million it has generated from selling non-core assets.
“Our pathway to increase margins, returns and earnings by 2016 is clear. We have set demanding but achievable targets and we are determined to meet them by working efficiently and effectively to drive significantly greater value from our high quality asset base,” Anglo’s CEO added.
Cutifani was appointed CEO of Anglo late last year and started working at the mining giant in March this year.
He was previously CEO of another JSE-listed gold miner, Anglo Gold Ashanti.
One of the first comments Cutifani made when he joined the somewhat struggling firm was that he would dispose of non-core assets of the firm.