Anglo’s Year of the Turnaround Puts Debt Targets Within Reach
- Shares gain 5.9% in London, adding to a 183% rally this year
- Anglo is selling assets and focusing on copper, diamonds
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If last year will be remembered as Anglo American Plc’s near-death experience from a crushing debt load and commodities collapse, this one is turning out to be all about recovery.
Anglo, which heaped on debt when metals prices were soaring, said it’s now on track to meet targets. When it completes the sale of its niobium and phosphates business, net debt will stand at $10.3 billion -- putting it within reach of a promise for debt below $10 billion by the end of the year.