Anglo American: Jefferies still a buyer

(CercleFinance.com) - Jefferies confirms its buy recommendation on the share, maintaining its target price at 2850 pence.


The analyst highlights further progress in the group's restructuring.

Anglo has announced the sale of its nickel business to MMG Singapore Resources, a subsidiary of MMG, for a cash consideration of up to $500m, of which $150m would depend on future nickel prices and the development of new projects, the analyst says.

This business is currently worth $659m on Anglo's balance sheet, but we see this sale as a positive development given the continuing uncertainty in the nickel market, Jefferies adds.


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