Anglo raises stake in KumbaComment on this story
JOHANNESBURG - Global miner Anglo American said on Friday it had raised its stake in South Africa's Kumba Iron Ore by 4.5 percent at a cost of $950 million with no other options outstanding to further increase its holding.
Anglo said it had raised its stake to 69.7 percent from 65.2 percent at an average weighted purchase price of 519 rand per share.
“We have no other options outstanding,” a spokesman said.
Kumba reported an 18 percent drop in first-half earnings on Friday but is regarded as one of Anglo's stronger South African assets as the global miner reviews its troubled platinum unit, Anglo American Platinum, which warned this week of sharply lower profits and saw its chief executive step down. - Reuters