Tarmac open for offers in Anglo American assets sale

Mining giant Anglo American is looking to raise at least $7 billion (£4.2 billion) from the sale of assets including Tarmac.

Chief executive Cynthia Carroll plans to sell Tarmac and various steel units as part of her largest review of the company since taking control two years ago.

Tarmac, Anglo's UK asphalt and concrete producer, may fetch about $4 billion, according to Bloomberg, while the Scaw Metals steel unit may raise $1 billion. Catalao, which produces the rare metal niobium, and the Copebras fertiliser unit are said to be worth $2 billion.

Michael Rawlinson, head of mining and resources at Liberum Capital in London, said: "It's clear Anglo American is going to be a more streamlined business because of these changes"

Anglo bought Tarmac in 1999 for £1.2 billion, its first major acquisition after moving its headquarters to London from Johannesburg in May of that year.