[miningmx.com] – ANGLO American is to withdraw from the Pebble copper project in Alaska as part of a process of divestment announced by CEO, Mark Cutifani, in July in which he observed that the group’s project pipeline was “constipated”.
Anglo entered into a partnership with Northern Dynasty Minerals in 2007 to explore a prospect described by Cutifani as “a deposit of rare magnitude and quality”. However, the group is to quit its stake, and write down the investment for $300m.
“Our focus has been to prioritise capital to projects with the highest value and lowest risks within our portfolio, and reduce the capital required to sustain such projects during the pre-approval phases of development as part of a more effective, value-driven capital allocation model,” said Cutifani of the decision to divest from the project.
“We wish the project well through its forthcoming permitting process and express our thanks to all those who have supported Pebble and who recognise the opportunities and benefits that such an investment may bring to Alaska,’ he said.
