Anglo on AngloGold stake

JOHANNESBURG – Anglo American Plc said yesterday it still plans to hold on to a stake in unit AngloGold Ashanti Ltd, reacting to a weekend newspaper report that it planned to spin off its entire 51 per cent holding in the group.

Anglo, the world’s third biggest mining group, said in October it might spin off its paper and packaging unit Mondi and cut its stake in AngloGold after a strategic review to focus better on its core mining business. The Sunday Times said Anglo had appointed advisers, such as Goldman Sachs, to help it dispose of its 51 per cent stake in AngloGold.”Because of its size, the favoured route is to place the holding in three tranches,” the newspaper said.In October, Anglo Chief Executive Tony Trahar said the group would remain a significant shareholder in AngloGold in the medium term.”We did say that and that is still valid,” spokesman Daniel Ngwepe told Reuters.The Times also said Anglo had appointed investment bank UBS either to sell or de-merge Mondi into a separate company and Citibank to sell Anglo’s 79 per cent stake in South Africa’s Highveld Steel.Ngwepe declined to comment on any specifics of the story.-Nampa-ReutersThe Sunday Times said Anglo had appointed advisers, such as Goldman Sachs, to help it dispose of its 51 per cent stake in AngloGold.”Because of its size, the favoured route is to place the holding in three tranches,” the newspaper said.In October, Anglo Chief Executive Tony Trahar said the group would remain a significant shareholder in AngloGold in the medium term.”We did say that and that is still valid,” spokesman Daniel Ngwepe told Reuters.The Times also said Anglo had appointed investment bank UBS either to sell or de-merge Mondi into a separate company and Citibank to sell Anglo’s 79 per cent stake in South Africa’s Highveld Steel.Ngwepe declined to comment on any specifics of the story.-Nampa-Reuters