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Anglo American expects better 2022, 35% growth over next decade

London-listed miner Anglo American Plc AAL.L on Friday forecast a stronger performance in 2022, banking on diamonds and iron ore, while planning to harness early copper from its Quellaveco project in Peru.

Quellaveco is a $5 billion development and one of the world’s largest untapped copper resources.

The company, which will present its annual investor update on future strategy at 1100 GMT, said it was set to deliver 35% growth over the next decade at margins of 50%, while forecasting capital expenditure of $6.2 billion to $6.7 billion for 2022.

It also announced a leadership change with Tom McCulley, who has led the development of Quellaveco, taking over from Chris Fraser as chief executive of Crop Nutrients.

Anglo said that its Woodsmith polyhalite project in Britain would require an investment of $700 million in 2022.

Anglo bought Woodsmith for 386 million pounds ($510 million) in 2020, identifying the project in the North York Moors National Park as a “tier one” asset – a large scale, long-life, high margin deposit of polyhalite, a multi-nutrient fertiliser.
Source: Reuters (Reporting by Pushkala Aripaka in Bengaluru and Clara Denina in London; editing by Devika Syamnath and Jason Neely)

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