Anglo American CEO: To Keep Copebras;Sees Strong Demand,Returns
By Alex MacDonald
Published July 29, 2011
| Dow Jones Newswires
LONDON -(Dow Jones)- Globally diversified mining company Anglo American PLC (AAL.LN) has decided not to sell its Copebras phosphates business in Brazil due to strong demand and high returns from the business, the company's chief executive said Friday.
"We continue to look at the phosphates industry. Obviously there is a strong demand in the agriculture side," Cynthia Carroll told journalists in a call about its first half results. "We are seeing high returns and high demand for the near and medium term," from the business, she added.
Copebras generated first half operating profit of $54 million, up more than four-fold on the previous period.
Anglo American had previously considered selling the asset as part of its non-core disposal program which as so far generated $3.3 billion in cumulative proceeds. Anglo American also decided not to sell its Peace River Coal unit in Canada earlier this year for similar reasons and plans to expand the asset.
Copyright © 2011 Dow Jones Newswires
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