Anglo subsidiary pulls out

Anglo American, the Botswana Stock Exchange(BSE) listed company  has announced that its wholly owned subsidiary Anglo American (US) Pebble LLC has given notice that it is withdrawing from the Pebble copper project in Alaska.

The Pebble Limited Partnership (PLP) was created in 2007 between AA Pebble and an affiliate of Northern Dynasty Minerals Ltd, said a statement posted in the BSE website. Following the withdrawal, PLP will proceed under the sole ownership of Northern Dynasty. In light of the parties’ shared desire to ensure an orderly exit, the detailed aspects of AA Pebble’s withdrawal from the Pebble project are being developed and implemented.

Mark Cutifani, Chief Executive of Anglo American, said: “Despite our belief that Pebble is a deposit of rare magnitude and quality, we have taken the decision to withdraw following a thorough assessment of Anglo American’s extensive pipeline of long-dated project options”. Cutifani, who is still in his first year of duty at the world diversified miner, explained that their key focus is to prioritise capital to projects with the highest value and lowest risks within the portfolio.

Anglo American, which owns De Beers, is said to be exploring for coal in Botswana through its local unit Anglo Coal Botswana.