[miningmx.com] — RESOURCES giant Anglo American confirmed on Monday it was still planning to sell Scaw Metals’ South African operations as part of its divestment programme.
“Scaw will be divested, meaning both the South African business of Scaw and the
Moly-Cop and Alta Steel businesses of Scaw (which are outside SA), though not
necessarily at the same time,” said Anglo American spokesperson Pranill
Ramchander.
Ramchander’s confirmation comes following reports at the weekend that Anglo
American has put the US$1bn international assets up for sale.
UK newspaper The Independent on Sunday reported that advisers Goldman Sachs
and UBS have set the deadline for first-round bids on the steel maker’s international
operations of early next month.
Scaw’s main South African operations are not part of the sale for now but its other
assets in Canada and Australia are up for grabs.
The UK newspaper quoted a leading mining banker as saying the assets could
attract six or seven financial sponsors, or private equity bidders, and could fetch
around US$1bn.
Anglo American decision to divest certain non-core assets has seen it announce the
demerger of the Mondi Group and sell its shareholdings in AngloGold Ashanti,
Highveld Steel and Vanadium, Namakwa Sands and Tongaat Hulett and Hulamin.
Most recently the group announced the sale of its zinc assets to Vedanta for US1.3bn it also made progress on the sale of Tarmac.
This divestment strategy has made Anglo American a more focused group.
