Activity at the mine will slow down over the coming weeks to support the mining firm's balance sheet.
Anglo American has announced that following completion of its asset review initiated during 2023, it plans to implement a number of major changes to its portfolio to
"accelerate delivery against its strategic priorities of operational excellence, portfolio simplification and growth."
As a result of this review, the development of the Woodsmith project will slow to support Anglo American’s balance sheet deleveraging.
Tom McCulley, CEO of Anglo American’s Crop Nutrients business, said:
“Anglo American has again stated today that Woodsmith is central to its growth plans as a Tier 1 resource -entirely aligned with the demand trends of decarbonisation and food security.
“We have been progressing the project on time and on budget but have decided to slow development in the near term. I’m incredibly proud of the progress we have made so far, the positive impact on the local area and the partnerships we have built in our local communities, which we will continue to engage positively with.
“Anglo American continues to recognise Woodsmith’s unique resource and long-term value potential and will complete critical technical studies in 2025 to then enable syndication for value with one or more strategic partners.
“We need to work out the full details of this slow down over the coming weeks as we reduce activity while retaining optionality for the long term.
“A key aspect of this will be to continue adhering to our planning obligations with the North York Moors National Park Authority and Redcar and Cleveland Borough Council.“I know that this announcement will create uncertainty, but we will keep our workforce and community stakeholders updated as we work through the detail of what this means for everyone.”
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