Anglo American more than once rebuffed BHP’s advances, but since the sweetened $49 billion takeover was first declared dead, the London-headquartered company has been busy getting in the right shape should BHP have another go (still not ruled out entirely, given the company’s careful wording around the issue).
Anglo is ditching its Southern African diamond and platinum, Australian coal and Brazilian nickel assets.
The restructuring along the lines demanded by BHP in its first approach and would see copper constitute 60% of Anglo’s portfolio. Together the miners would produce 1.9 million tonnes of copper on an attributable basis.
BHP is now pivoting to organic growth with up to $10bn being spent on Escondida alone, the world’s largest copper mine, in which Rio Tinto has a 30% stake.
