{"id":15910,"date":"2012-10-26T20:07:58","date_gmt":"2012-10-26T18:07:58","guid":{"rendered":"http:\/\/www.myza.co.za\/10\/anglo-ceo-exit-raises-questions-about-platinum\/"},"modified":"2012-10-26T20:07:58","modified_gmt":"2012-10-26T18:07:58","slug":"anglo-ceo-exit-raises-questions-about-platinum","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/anglo-ceo-exit-raises-questions-about-platinum\/","title":{"rendered":"Anglo CEO exit raises questions about platinum"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>By Sherilee Lakmidas and David Dolan<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p><span class=\"articleLocation\">JOHANNESBURG<\/span> Oct 26 (Reuters) &#8211; Cynthia Carroll&#8217;s<br \/>\nresignation as chief executive of Anglo American has<br \/>\nhighlighted the miner&#8217;s exposure to South African platinum, an<br \/>\nindustry crippled by violent strikes in recent months.<\/p>\n<p><span><\/span><\/p>\n<p>Carroll, who stepped down on Friday under pressure from<br \/>\ninvestors over the miner&#8217;s lagging share price and continued<br \/>\ndependence on strike-hit South Africa, spearheaded investments<br \/>\nin iron ore and other resources to diversify beyond platinum.<\/p>\n<p><span><\/span><\/p>\n<p>Anglo&#8217;s platinum business ties it to South Africa&#8217;s restive<br \/>\n&#8220;platinum belt&#8221;, which accounts for 80 percent of global output<br \/>\nof the precious metal and has been paralysed by strikes since<br \/>\nAugust.<\/p>\n<p><span><\/span><\/p>\n<p>Anglo owns 77 percent of Anglo American Platinum (Amplats)<br \/>\n. Although responsible for 24 percent of its parent&#8217;s<br \/>\n2011 revenue, Amplats brought in just 8 percent of total<br \/>\noperating profit because of soaring costs.<\/p>\n<p><span><\/span><\/p>\n<p>Anglo put the business under review months ago, the result<br \/>\nof which, Carroll said on Friday, will be delivered by year-end.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;Anglo has been far too exposed to Amplats for two decades<br \/>\nnow,&#8221; said Peter Major, mining analyst at Cadiz Corporate<br \/>\nSolutions, a Cape Town-based consultancy.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;The new CEO has got find a way to maximise the value of<br \/>\nwhat they have got and then reduce exposure.&#8221;<\/p>\n<p><span><\/span><\/p>\n<p>While Carroll had opposed hiving off Amplats or paring back<br \/>\nAnglo&#8217;s stake, the review was expected to propose closing<br \/>\nhigh-cost shafts and even selling assets. Closing shafts would<br \/>\nlikely mean more friction between Anglo and unions in the<br \/>\nplatinum belt, 120 kilometres northwest of Johannesburg.<br \/>\n\u00a0 <span class=\"label\"><strong>Continued&#8230;<\/strong><\/span><\/p>\n<p><span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Sherilee Lakmidas and David Dolan JOHANNESBURG Oct 26 (Reuters) &#8211; Cynthia Carroll&#8217;s resignation as chief executive of Anglo American has highlighted the miner&#8217;s exposure to South African platinum, an industry crippled by violent strikes in recent months. Carroll, who stepped down on Friday under pressure from investors over the miner&#8217;s lagging share price and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-15910","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/15910","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=15910"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/15910\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=15910"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=15910"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=15910"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}