A Weekly Digest of The World's Financial Press: Financial Times
The South African Mining group Anglo reorganises its operations
Wednesday 28 April 1999
More fundamentally the argument for mining shares is that the metal prices must be somewhere near the bottom of the cycle. And South Africans are are rated well below their North American counterparts. But there are good reasons for a discount, at least in Anglo's case.Although its platinum strength is a plus, the diamond market is rigged and opaque. And even if South Africa surmounts its political and economic problems, recovery in the rand would squeeze Anglo's margins. Buying of the old Anglo shares in Johannesburg has been voracious recently: the shares are 75 per cent above their year-end level.
- Editorial comment
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