Anglo American CEO: Share buyback reflects confidence of board
Miner Anglo American has been dominating the headlines this morning after declaring it will buy back a billion dollars in stock. The miner also revealed its Aquila project will extend the life of the Capcoal underground hard coking coal operations in Queensland, Australia by six years, to 2028, CNBC spoke to Mark Cutifani, Anglo American CEO about this and its interim numbers.
Thu, 25 Jul 2019 11:04:50 GMT
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AI Generated Summary
- Anglo American announces a $1 billion share buyback and dividend increase after reporting a 19% rise in core earnings
- CEO Mark Cutifani highlights the company's strong financial position and balanced portfolio
- Despite challenges like trade wars and slowing growth in China, Anglo American remains optimistic about future growth and shareholder value
Mining giant Anglo American has made headlines with its recent announcement of a $1 billion share buyback and a dividend increase after reporting a 19% rise in core earnings in the first half of the year. The company's stock surged by 1.8% following the news, reflecting market confidence in Anglo American's solid performance under the leadership of CEO Mark Cutifani. In a recent interview with CNBC Africa, Cutifani outlined the company's strong financial position, emphasizing a balanced portfolio, improved cash flow, and robust pipeline of new projects. The CEO also addressed concerns about the volatile global market environment, particularly focusing on the impact of trade wars and slowing growth in China. Despite these challenges, Cutifani expressed optimism about Anglo American's diversified business model and strategic investments in high-quality products. One key area of concern for the company is the regulatory landscape in Brazil following the Vale dam disaster, but Cutifani assured that Anglo American is well-prepared with leading-edge technologies and expects to secure final approvals for its operations in the country. The overall outlook for Anglo American remains positive, with the company's continued focus on shareholder value through buybacks and dividends reflecting its confidence in future growth.
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