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Anglo American CEO agrees to stay on after FY'17 net profit doubles

Anglo American Plc CEO Mark Cutifani agreed with the company's board to stay on with the company that he joined in April 2013, Miningmx reported Feb. 22, citing an interview with Cutifani.

"I always said I would review my position after five to seven years, but the board agreed that I should keep on going. We've not put an end-date on it yet," Cutifani said.

The comments came after Anglo American posted a 99% surge in net profit attributable to shareholders for 2017 and a 47% drop in net debt.

"If you can't see where the next 30% improvement in the business is going to come from, then it's probably time to go," Cutifani said. "I can see that 30%."

Meanwhile, Cutifani reiterated that Anglo American has no intention of selling its South African assets, including coal, iron ore and manganese operations, nothwithstanding the improved business environment in the country that make may corporate actions easier.

"The intention is to work with those assets and improve the business. Period," said Cutifani. However, the CEO also acknowledged that the company has allocated more funds to assets outside of South Africa.