Platinum’s rare nature gives it additional value and appeal

Huw Daniel is the CEO of Platinum Guild International, overseeing market development activities in China, Japan, India and the USA, on behalf of the platinum producers of South Africa. Before taking up this role in 2015, Huw ran PGI USA for 12 years...

13 september 2021

Marco Carniello: We want to continue to be the engine boosting the jewellery industry

Italian Exhibition Group (IEG) is a leader in Italy in the organisation of trade fairs and one of the main operators in the trade fair and conference sector at European level, with structures in Rimini and Vicenza, as well as further sites in...

06 september 2021

There is a significant need for smart and technological financial solutions in the diamond industry

MDPS, the Israeli start-up Fintech company from the Mazalit Group is gearing up to enter the diamond industry soon. Zeev Maimon, the CEO of MDPS is also the Founder / CEO of MAZALIT, a B2B payment platform designed and dedicated to the global diamond...

30 august 2021

The future for synthetics lies in that it has become possible to grow a stone you want and make what you want out of it

Alex Popov, President of the Moscow Diamond Exchange and head of the Âme jewelry brand, which uses lab-grown diamonds to produce jewelry, sat for an interview with Rough&Polished sharing his views on the coexistence of natural and man-made diamonds in...

23 august 2021

De Beers’ GemFair ropes in more than 160 Sierra Leone artisanal miners

De Beers inaugurated its GemFair pilot programme in Sierra Leone’s Kono District with 14-member mine sites in 2018 to create a secure route to market for ethically sourced artisanal and small-scale diamonds. GemFair programme manager Ruby Stocklin-Weinberg...

16 august 2021

Anglo seeks to boost cash flows, cut net debt

17 february 2016
Global diversified mining company, Anglo American, said it has taken a “decisive action” to boost its cash flows and lower net debt, while focusing on its most competitive assets.
Ratings agency Moody's downgraded Anglo on Monday further into "junk" territory.
It cited expected lower commodity prices and uncertainties over how long it would take the group to pay down debt.
Anglo chief executive Mark Cutifani said in an update that a series of measures taken included $1.9 billion of additional earnings before interest and tax (EBIT) benefits from cost and productivity improvements to deliver positive free cash flow this year and beyond, as well as an additional $3-4 billion in asset disposal proceeds.
“As a result, we are targeting net debt of less than $10 billion in 2016, assuming current commodity prices and exchange rates. In the medium term, we are targeting net debt of $6 billion, supporting a return to a solid investment grade credit rating,” he said.  
“We of course recognise the current challenging environment in which to deliver disposals.”
He said the group was currently engaged with parties interested in several of its assets.
He said the core portfolio created a “highly attractive, competitive and well balanced” business, with the leverage of scale, technical expertise and mineral endowment options, which offer considerable upside potential over the long term.
Anglo’s core portfolios would be structured on De Beers, PGMs and copper.
“This unique combination of assets, enhanced by our commercial marketing expertise, will have the advantage of benefiting from the ongoing shift away from infrastructure investment towards consumer-driven demand, positioning Anglo American for these expanding markets,” he said. “We will manage our other assets, in bulk commodities and other minerals, for cash generation or disposal over time.”
Anglo American holds an 85 percent interest in De Beers, the world’s leading diamond company, which currently produces around a third of the world’s rough diamonds by value.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished