June 29, 2014 / 7:30 PM / in 4 years

UPDATE 1-Anglo American plans platinum mine sales -Sunday Times

(Updates to add response from the company’s spokesman)

By Karen Rebelo

June 29 (Reuters) - Global miner Anglo American Plc has put some of its platinum mines in South Africa up for sale in a move by Chief Executive Mark Cutifani to dispose of underperforming assets, Britain’s Sunday Times reported.

The company has lined up South African investment bank RMB to run the auction, the newspaper said. (thetim.es/1iGNvGq)

“We have been clear that a number of assets in the portfolio are unlikely to satisfy our stated return criteria and will be divested at the right time,” a spokesman for the company told Reuters in an email.

The Sunday Times said the disposal programme was agreed by the board at a strategy meeting this month and could raise up to $4 billion. Other assets up for sale include its nickel business and copper mines in Chile, it said.

Reuters reported in April that the company could sell some of its deep, high-cost platinum mines. (Reporting by Karen Rebelo in Bangalore; Editing by Matthew Lewis and Sandra Maler)

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