U.S. News

Anglo American to Sell Tarmac; First-Half Profit Higher


Miner Anglo American unveiled plans to sell Tarmac, its U.K.-based road building unit, as it met forecasts with a 22% rise in first-half earnings and announced a further $4 billion share buyback.

The sale, which analysts believe could raise around $6 billion, is the latest move by Anglo aimed at focusing on its core mining business following bouts of underperformance against its peers and speculation it might attract a break-up bid.

The copper, platinum and gold specialist said on Friday it made underlying earnings of $3.1 billion in the six months to June 30, broadly in line with analysts' average forecast of $3.2 billion, according to Reuters Estimates, and said the outlook for most of its metals and minerals remained positive.