Anglo’s Cutifani playing for time; praying for relief
Analysts emerged from a robust and sometimes brutal question and answer session after Anglo's investor day sceptical the restructuring went far enough.
Anglo culls dividend, plans 60% asset reduction
Anglo American would slash its asset base by 60% and cut capital spending a further $1bn as it redoubled its efforts to survive the metal downturn.
Cutifani grilled in solvency vs. liquidity debate
Mark Cutifani, CEO of Anglo American, said investors liked his strategy and that Minas Rio, an iron ore mine, could be sold as it was not a priority one asset.
South32 Duvha coal supply mine ‘challenging’
South32's head of South Africa, Mike Fraser, said the Wolverkrans Colliery was a "challenging" operation that would be focused to break even.
Slump will force Anglo, BHP dividend switch
Analysts believe that in order to conserve cash, retain credits ratings the world's largest mining firms will sooner or later have to change dividend policies.
Downgrades for miners as tailspin set to persist
Earnings downgrades of major mining companies is inevitable as there's no evidence yet of the sector pulling out of its tailspin.
Transnet takes loco capital spend to R46bn
Transnet raised R12bn from a club of South African banks and investors as part of its 1,064-strong locomotive capital programme.
The Yin and Yang of third worst El Nino
Third worst ever El Nino weather system to hit South Africa's shores will affect the country's miners who shouldn't expect a water licence to guarantee of supply.
SA jeopardises third China mining deal
South Africa's mineral resources shadow minister, James Lorimer, said the government was at risk of frustrating a third Chinese investment in mining.
Finger of blame for market crisis falls on CEOs
Investors said the current problems in the metals market were almost exclusively down to ill-judged capital allocation by poorly regulated executives.