Shares of Anglo American rise nearly 3 percent in Johannesburg trade, as investors laud the move by the global miner's chief executive to step down.
Cynthia Carroll says she was leaving the company without any pressure although investors have been unhappy about the company's lagging share price and continued dependence on operations in South Africa.
Despite cost cuts, analysts at Macquarie say that under Carroll, Anglo has lost one-third of its value on a US dollar market capitalisation basis and is now worth $25 billion less.
Shares are up 2.4 percent at 268.22 rand, after rising to as high as 270.67 rand earlier. - Reuters