• Anglo American is divesting from platinum and diamonds, including an 85% stake in De Beers, to focus on copper, iron ore, and crop nutrients.
• CEO Duncan Wanblad reaffirmed that Africa remains central for future growth, citing its share of about 30% of global critical mineral reserves.
• The company is pursuing a $50 billion merger with Teck Resources, set to create one of the world’s top five copper producers.

Anglo American announced in May 2024 a restructuring plan to focus on copper, iron ore and crop nutrients. The company said the shift requires separating from its platinum and diamond divisions, which are primarily based in Africa.

The miner has already spun off Anglo American Platinum, now Valterra Platinum, and is advancing the sale of its 85% stake in De Beers. The diamond unit’s activities are concentrated in Botswana, Namibia and Angola.

CEO Duncan Wanblad insisted Africa remains essential despite the company’s smaller footprint. "I look at what the world needs in terms of minerals, I think Africa is the place to be. Hopefully, we'll be as big as we were in Africa in a couple of years time," Wanblad said, according to Reuters.

Analysts note Africa holds about 30% of global critical mineral reserves. Countries such as the Democratic Republic of Congo and Zambia supply strategic copper, while Guinea is advancing the giant Simandou iron ore project.

After the portfolio shift, Anglo American will retain its Kumba Iron Ore unit, which operates the Sishen mine in South Africa, and manganese operations in the same country. It also aims to expand in copper through projects like its 2023 joint venture with Arc Minerals in Zambia. That agreement allows Anglo to acquire 70% in the ZCP exploration project by spending about $30 million.

The company has yet to detail its immediate African expansion strategy. However, since September it has been working on a merger with Canadian miner Teck Resources. The transaction, expected to close within 12 to 18 months, would create Anglo Teck, a group valued at more than $50 billion and ranking among the world’s top five copper producers.

This article was initially published in French by Aurel Sèdjro Houenou

Adapted in English by Ange Jason Quenum