Cape Town - Anglo American’s [JSE:AGL] biggest shareholder, South Africa’s Public Investment Corporation (PIC), will meet with the company next week to discuss whether its plan to sell more than half of its mines including local coal and iron-ore assets is the best option for the country.
The PIC, which owns about 14.5% of Anglo, wants the sale plan put to a shareholder vote because it’s concerned that selling mines after commodity prices plunged wouldn’t realise the full value of the assets, said Deon Botha, PIC’s head of corporate affairs. The PIC oversees South African government workers’ pension funds among the R1.795trn in assets it holds.
If the disposal plan does go ahead, the PIC would prefer that the coal, iron ore and manganese mines up for sale be bundled with some of Anglo’s platinum mines, Botha said. The PIC doesn’t favour the sale of the assets as single mines, he said.