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Anglo American mulls new investments, but will first improve existing projects

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Anglo American mulls new investments, but will first improve existing projects

Anglo American PLC is cautiously considering the acquisition of new projects as markets for commodities, including coal and copper, improve, the Financial Times reported March 21.

Anglo American CEO Mark Cutifani said that the company is always looking for potential acquisitions. However, it will first work on improving its existing projects.

The company intends to develop large mines in partnership with other companies, instead of taking up solo projects.

"You should be very careful about the bets you make over the next one to two years — you want to be able to get a lot of cash back in that period," Cutifani noted.

Anglo American announced in late February that it is willing to sell up to a 30% interest in the Quellaveco copper project in Peru to prospective partners "that can support the development of these types of projects both from a risk point of view and bringing value forward."

Cutifani earlier said that the diversified miner's sustainability drive will earn it an additional US$9 billion through 2030 by improving mining methods and relations with governments as well as the communities where it operates.

Anglo American's profit attributable to shareholders for 2017 surged 99% year over year to US$3.17 billion, or US$2.45 per share. The company increased the dividend for the second half of 2017 to 54 U.S. cents per share, from 48 cents in the first half, for a total dividend of US$1.02 per share for 2017.