By Rebecca Keenan & Jason Scott
Anglo American Plc (AAL), a diversified mining company, is seeking to acquire iron ore assets as the price of the steelmaking raw material rises.
“We like iron ore and are determined to grow our iron ore business,” James Harman, head of business development for Anglo’s iron ore and coal unit, said today at a conference in Perth, Australia. “We remain on the lookout for quality iron ore opportunities globally, including Australia.”
The London-based company joins Rio Tinto Group in studying acquisitions to boost commodity production. Anglo, which is spending about $17 billion to expand capacity, is seeking to increase its annual iron ore output to 80 million metric tons by 2014 and 150 million tons by 2020, Harman said.
“We’re in a strong financial position, which will drive this growth,” he said.
Annual profit more than doubled last year to $6.5 billion after commodity prices rallied. Anglo is extending its Kumba Iron Ore unit’s operations in South Africa and building the Minas Rio iron ore mine in Brazil as demand from Asian steel mills climbs. Anglo owns 65.3 percent of Kumba, the world’s fourth-largest supplier of seaborne iron ore. (sourced bloomberg)
Tags : South African iron ore, Minas Rio, Asian steel mills, seaborne iron ore
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