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Anglo CEO still sees future in Africa despite shrinking footprint

Anglo American's CEO Duncan Wanblad stated on Wednesday that the company still views Africa as a part of its future because of its vital mineral resources. This is despite recent restructurings and asset sales in Africa.

Anglo American is exiting its platinum and coal operations in South Africa where it was founded more than a century earlier. It will sell diamond miner De Beers and shift its focus on copper, an essential metal for the clean energy transformation.

Kumba Iron Ore is the only major asset of South Africa.

Wanblad, despite these exits, said Anglo intended to use South Africa's vast mineral resources on the continent of Africa.

Wanblad, at a Johannesburg mining conference, said: "I think Africa is where the world needs minerals."

He said, "Hopefully we will be as large as we were in Africa within a few years."

Africa has large deposits of cobalt and lithium, as well as rare earth elements that are used to make solar panels, batteries, and electric vehicles.

Anglo American announced last month that it had reached an agreement with Canada's Teck Resources, to create a new copper giant.

Wanblad stated that the diamond market is starting to recover from a slump of three years, and Anglo saw "some real strategic interests" from potential De Beers buyers.

De Beers attracted at least six investors by June, and Angola's diamond state company Endiama revealed last month that it had made a bid for a minor stake in the company.

These are parties who know the industry and know their assets. They love diamonds. Wanblad added, "This is all positive."

(source: Reuters)