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Anglo American

AALLN is a large-cap diversified miner that has strong operations in iron ore and met coal, leading positions in platinum and diamonds, and a sizeable footprint in copper and thermal coal. Operations are separated into eight segments. The largest segments include: Iron Ore and Manganese (20% of 2017 revenue and 27% of 2017 EBITDA), Coal (25% of sales and 33% of EBITDA); Copper (15% of sales and 17% of EBITDA); Platinum (18% of sales and 10% of EBITDA); and De Beers (20% of sales and 16% of EBITDA). AALLN has considerable exposure to South Africa, where there are greater political risks and signs of operational instability. (10 Sep 2018)

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2018 Euro IG Conference: Basic Industries

Transcript: 11 Dec 2018, 9:03 PM ET - In this article, we transcribe our presentation on European Basics from CreditSights' recent European Investment Grade / Crossover Conference

Transcript: 2018 IG & Crossover Conf-Basics Panel

Transcript: 11 Dec 2018, 5:51 AM ET - We present a transcript of the Basic Industries Panel discussion given at the CreditSights Investment Grade & Crossover conference on December 4, 2018.

AALLN: 3Q18 Production Results

Worth Watching: 23 Oct 2018, 10:01 PM ET - AALLN (Baa3/BBB-) posted solid production results in 3Q18 across the board with a few exceptions. On a copper equivalent basis, production was up 1% YoY, yet if we include the impact of suspended operations at Minas-Rio, production declined 3% YoY ..

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.

BBB Tails: Spread Per Unit Default Risk

Risk Product Analysis: 18 Sep 2018, 9:51 PM ET - We screened the US investment grade index to find BBB issuers with high levels of spread compensation relative to their five-year default risk.

AALLN 1H18: Good Times, Yes To Quellaveco

Earnings Note: 27 Jul 2018, 6:02 AM ET - We take a look at Anglo American's 1H18 interim results and take a look at its capital allocation initiatives. 

AALLN: Buys Glencore's 39% in Mototolo Venture

Worth Watching: 23 Jul 2018, 10:43 PM ET - AALLN (Baa3/BBB-) has agreed to purchase Glencore's 39% stake in the Mototolo joint venture, increasing AALLN's ownership to 89% with Kagiso Tiso Holdings owning the remaining 11%. AALLN will pay an initial R800 mn ($59 mn) plus additional conside ..

AALLN: 2Q18 Production Results

Worth Watching: 19 Jul 2018, 9:45 PM ET - AALLN (Baa3/BBB-) posted strong production results in 2Q18 across the board with the exception of Minas-Rio due to suspended operations. Metallurgical coal production increased by 33% YoY to 5.3 mn tonnes as Grosvenor ramped up performance follow ..

Vedanta: Possible Merger with Anglo American

Worth Watching: 04 Jul 2018, 3:50 AM ET - Vedanta or Vedanta Resources (Bond ratings: B+/ B2/ NR) announced that its key shareholder Mr. Anil Agarwal, plans to merge Vedanta Resources with Anglo American's South Africa business. It intends to execute the deal with a share swap transact ..

AALLN: Sells 22% Quellaveco Project for $600 mn

Worth Watching: 14 Jun 2018, 5:45 PM ET - AALLN (Baa3/BBB-) agreed to sell a 21.9% stake in the Quellaveco copper project in Peru for $600 mn, valuing the project at $2.7 bn. The transaction raises Mitsubishi's stake to 40% of the project, while AALLN will retain a 60% stake. The deal doe ..

Italy Assessing the Risks: Part 2 - Non-Financials

Sector Analysis: 31 May 2018, 10:24 PM ET - In the second part of our series on the impact of Italian political uncertainty on the country's investment grade and high yield credits we take a look at non-financial corporates.

Brazil Truckers' Strike: Basic Industries View

Sector Analysis: 31 May 2018, 5:08 AM ET - We take a look at the Brazilian truckers' strike which has crippled the local economy over the last 1.5 weeks and assess the potential impact on the Metals & Mining and Paper & Packaging sectors. 

AALLN: 1Q18 Production, Minas-Rio Update

Worth Watching: 25 Apr 2018, 3:24 PM ET - AALLN (Baa3/BBB-) posted strong production results in 1Q18 across the board with a few exceptions. The results however were overshadowed by a press release in regards to the Minas-Rio iron ore mine suspension that was thought to be 90 days would n ..

BHP: F3Q18 Production Results, IO Disappoints

Worth Watching: 19 Apr 2018, 11:36 PM ET - BHP (A3/A) posted mixed F3Q18 production results for the quarter that ended on March 31, 2018. WAIO iron ore production of 67 Mt on 100% basis came in below analyst estimates of 69 Mt. Iron ore production was up 8% YoY due to record production at ..

Basic Industries: 1Q18 In Review and a Look Ahead

Sector Analysis: 17 Apr 2018, 4:12 AM ET - We review the performance of the Basic Industries sector  YTD, comparing themes in our outlook with actual developments. We also talk about unexpected developments, and what we think will shape the balance of the year. 

AALLN: Longer Suspension at Minas-Rio

Worth Watching: 03 Apr 2018, 8:47 PM ET - AALLN (Baa3/BBB-) Brazilian CEO Ruben Fernandes says a revision to production guidance is coming as operations at the Minas-Rio iron ore mine are expected to be suspended for 90 days, up from yesterday's initial estimate of at least one month. Sus ..

AALLN: Minas-Rio Pipeline Bursts Again

Worth Watching: 02 Apr 2018, 11:45 AM ET - AALLN (Baa3/BBB-): Bloomberg reported that a pipeline burst for a second time in recent weeks at Anglo American's Minas-Rio iron ore mine in Brazil (see: AALLN: Minas-Rio Pipeline Burst, 10-yr Bond Issue 03-12-18). Brazilian federal environmental ..

AALLN: Minas-Rio Lawsuits, Bond Tender Results

Worth Watching: 15 Mar 2018, 2:53 PM ET - AALLN (Baa3/BBB-): In response to the recent Minas-Rio pipeline burst, Minas Gerais prosecutors have filed a lawsuit against AALLN seeking ~$3 mn for damages resulting from 300 tons of iron ore slurry flowing from the ruptured pipeline. Prosecutor ..

AALLN: Minas-Rio Pipeline Burst, 10-yr Bond Issue

Worth Watching: 12 Mar 2018, 9:53 PM ET - AALLN (Baa3/BBB-): Bloomberg reported that a pipeline burst at Anglo American's Minas-Rio iron ore mine in Brazil. The company has halted some portion of its mining activities as it investigates the cause of the rupture. At this point, It's too ea ..

AALLN: Offers To Buy Notes Totaling $1.2 bn

Worth Watching: 07 Mar 2018, 8:38 PM ET - AALLN (Baa3/BBB-) launched a tender offer to repurchase up to $1.2 bn in aggregate consideration of four series of notes maturing in 2019-2020. According to the press release, the offer will expire at 4:00 pm London Time on March 14th, with result ..

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