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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (6760)	9/17/2007 11:01:32 PM
From: LoneClone	Read Replies (2) \| Respond to of 193686

Anglo not looking to transform, says UBS Stuart Wallace and Brett Foley businessday.co.za Bloomberg ANGLO American , the world’s second-biggest mining company, was not looking for a “transforming” acquisition, UBS has said in a report, citing Anglo CEO Cynthia Carroll. The London-based company might consider “smaller bolt-on type deals,” the bank said in a report on Friday . Carroll, in a meeting hosted by UBS, also “alluded to potentially increasing stakes in” Anglo Platinum , Kumba Iron Ore and De Beers, the bank said in its report. While Anglo might increase its 75% stake in Anglo Platinum, the world’s biggest platinum producer, it would not seek “100% ownership,” the bank said. It also owns 45% of De Beers, the world’s biggest diamond company, and 64% of Kumba, Africa’s largest iron ore producer. Carroll, a former Alcan executive who became CEO in March, is selling nonmining assets to allow Anglo to focus on supplying metals needed by China’s booming economy. She has announced plans to invest $2,58bn in Brazilian iron-ore mines and an Alaskan copper project, as well as securing the Michiquillay copper project in Peru. Under Carroll, the company agreed on September 4 to sell parts of Anglo Platinum, valued at R11,21bn , to black investors in SA . The platinum producer had lagged rivals in complying with post-apartheid laws. “She does appear to be significantly closer to government and what it desires,” the analysts wrote. The mining charter requires that mining companies sell 26% of their assets to black investors by 2014 .