Anglo American rejects BHP's offer

Following the announcement made by the Australian giant BHP regarding an offer to acquire a portion of Anglo American's global business, the British company's Board of Directors provided an update stating that “the unsolicited, non-binding, and highly conditional offer was unanimously rejected by the company.”

By Panorama Minero

The proposal consisted of an all-share offer for Anglo American by BHP, with the requirement that Anglo American complete two separate demergers of its stakes in Anglo American Platinum Limited and Kumba Iron Ore Limited. "Both the all-share offer and the required demergers would be inter-conditional," stated Anglo American, and the Board, after evaluating the proposal with its advisers, concluded that it "significantly undervalues Anglo American and its future prospects."

"Furthermore, the Board finds the structure proposed by BHP unattractive for shareholders due to the inherent uncertainty and complexity in the offer, as well as significant risks in its execution," they added.

Following the announcement, Stuart Chambers, chairman of the London-based company, commented, "Anglo American is well-positioned to create significant value from its portfolio of high-quality assets, which align with the energy transition and other major demand trends. With copper representing 30% of Anglo American's total production, and with the benefit of well-sequenced and value-accretive growth options in copper and other structurally attractive products, the Board believes that Anglo American shareholders will benefit from the expected significant increase in value as those trends take full effect."

"The BHP proposal does not reflect the prospects of Anglo American and significantly dilutes the relative value participation of Anglo American's shareholders compared to BHP's shareholders. The proposed structure is also highly unattractive, creating substantial uncertainty and execution risks that fall almost entirely on Anglo American, its shareholders, and other stakeholders. Anglo American has defined clear strategic priorities: operational excellence, solid portfolio and growth to maximize its value potential and is entirely focused on achieving that."

As a result of this announcement, a "offer period" has begun and BHP has until May 22 to declare its firm intention to make a concrete offer for Anglo American or to decline its position.

Anglo American is one of the largest global producers of copper, diamonds, and platinum, although the offer sent by the Australian giant did not intend to include its platinum or African iron operations in the deal. The operation aimed to acquire a portion of the diamond mining business Anglo owns in South Africa, its copper business, its nickel business, and its iron business in Brazil.


Edición 529 - Abril 2024
2024 Argentine Mining Compendium
Edición 528 - Marzo 2024
Edición 527 - Febrero 2024
Edición 526 - Diciembre 2023
Edición 525 - Noviembre 2023
Edición 524 - Octubre 2023
Edición 523 - Septiembre 2023
Edición 522 - Agosto 2023
Edicion 521 - Julio 2023
Edición 520 - Junio 2023
Edicion 519 - Mayo 2023


    Expo San Juan
    Lithium in South America
    Gold, Silver & Copper

Do you want to receive news about the sector and Panorama Minero initiatives?

Sign up for our newsletter.

 Salta leads the 46th Ordinary Assembly of the Federal Mining Council

Salta leads the 46th Ordinary Assembly of the Federal Mining Council

Salta hosted the 46th Ordinary Assembly of the Federal Mining Council (COFEMIN), an event that brought together representatives from all 23 provinces of the country and the National Secretary of Mining, Luis Lucero. The opening was led by Romina Sassarini, Secretary of Mining and Energy, who presided over the assembly.
Mining in Argentina has exported $1.134 billion this year

Mining in Argentina has exported $1.134 billion this year

In April 2024, mineral exports reached a value of $267 million, accumulating a total of $1.134 billion in the first four months of the year. This represents a year-on-year decrease of 9.9% for April and a 13.9% drop for the year-to-date. Additionally, according to estimates from the National Secretariat of Mining, the accumulated total for 2024 is 6.2% below the average recorded between 2010 and 2023 for the same months.

Week of definitions in Argentine mining leading up to San Juan Mining Expo 2024

Week of definitions in Argentine mining leading up to San Juan Mining Expo 2024

Next Tuesday, May 21, Wednesday, May 22, and Thursday, May 23, Argentine mining will gather at the San Juan Mining Expo 2024, the most important sector event of the year, where strong decisions about the future of the activity are expected. Six governors, the Secretary of Mining of the Nation, and the main mining and supply companies will be present at the event, with the participation of key actors from both the local and international levels. The exhibition comes at a crucial moment for the industry amidst discussions about the RIGI and the need to energize major projects.

 Arcadium Lithium reports strong first quarter results and significant growth for 2026

Arcadium Lithium reports strong first quarter results and significant growth for 2026

Arcadium Lithium, the multinational lithium company, announced its financial results for the first quarter of 2024, highlighting solid profitability driven by average prices for lithium hydroxide and carbonate above US$20,000 per metric ton. The company anticipates cost synergies and savings between US$60 and 80 million for the year and continues to advance towards a capacity of 170,000 LCE by 2026.