The turnaround of this mining share in 2016 has been nothing but remarkable. With the mining sector being generally out of favour at the beginning of the year, shares plummeted to a low of 216p – indeed, questions were being asked at the time whether they would actually be able to survive as an independent company. Since then an aggressive restructure took place with the selling of approximately half their mines and the exiting of all coal operations to then focus on diamond and platinum operations, as well as the dramatic reduction of their debt pile. Since then the shares have more than trebled, moving to a recent high of 1010p this morning. This is all the more amazing when one considers that Anglo American is the best-performing stock, so far for 2016, in the FTSE100.
Jordan Hiscott, Chief Trader
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