Anglo American announce changes in management structure
ANGLO American have announced a number of changes across their businesses to create a more streamlined management structure and to further focus on their core mining portfolio.
The international mining group will create seven new commodity business units (BU), with management teams located in areas of core geographic focus. Each BU will be responsible for its own operational performance and project delivery.
Meanwhile, five group directors, based in London, will be responsible for corporate functions, as well as providing strategic support to the BUs and ensuring the ongoing realization of group-wide synergies.
Anglo American have also said that they will divest certain non-core assets, which includes the group’s steel and zinc operations. Together with Tarmac, who have been identified as non-core, these operations accounted for approximately 11% of the total group’s earnings in 2008. According to Anglo American, the divestment of these assets will be undertaken in a manner and on a timetable that will maximize value for the group’s shareholders.
Commenting on the separation of non-core businesses from the company’s core operations, Anglo American chief executive Cynthia Carroll said: ‘I believe that these actions will position Anglo American well for sustained, profitable growth in the commodities we have identified as being the most attractive. The portfolio changes we have announced are the logical step in focusing the group on our core mining activities, enabling us to strengthen our balance sheet further.’
The international mining group will create seven new commodity business units (BU), with management teams located in areas of core geographic focus. Each BU will be responsible for its own operational performance and project delivery.
Meanwhile, five group directors, based in London, will be responsible for corporate functions, as well as providing strategic support to the BUs and ensuring the ongoing realization of group-wide synergies.
Anglo American have also said that they will divest certain non-core assets, which includes the group’s steel and zinc operations. Together with Tarmac, who have been identified as non-core, these operations accounted for approximately 11% of the total group’s earnings in 2008. According to Anglo American, the divestment of these assets will be undertaken in a manner and on a timetable that will maximize value for the group’s shareholders.
Commenting on the separation of non-core businesses from the company’s core operations, Anglo American chief executive Cynthia Carroll said: ‘I believe that these actions will position Anglo American well for sustained, profitable growth in the commodities we have identified as being the most attractive. The portfolio changes we have announced are the logical step in focusing the group on our core mining activities, enabling us to strengthen our balance sheet further.’
