Anglo announced that they have completed the sale of two business

Jozi, Jozi. Rain some more. It feels like we can associate with the fellows over in Queensland from the rain point of view, the topography however is very different. Queensland looks flat. As a consequence coal prices are expected to rise sharply, the mining majors have big coking coal operations in Queensland. In fact, I know personally an Anglo fellow who might be heading that way (Queensland) to work for the same company on coal projects.



Cast your minds back to March last year when there similar floods in Queensland, not quite on this size and scale though. We were off our best levels yesterday, but markets were buoyed by general global cheer and a surging copper price. Plus, London opened for the first time this year with a bang. Session end the Jozi all share index closed at 32427, up 119 points. Banks were slightly better, but resources was where it was all at and driven by Anglo American.




Staying with Anglo American, that was perhaps the main corporate news yesterday in the local markets, overseas it was perhaps the split of both Fiat and Motorola into their respective two parts. Anglo announced that they have completed the sale of two business, the official announcement as follows: "Anglo American plc ("Anglo American") announces the completion of the sale of Moly-Cop and AltaSteel to OneSteel Limited ("OneSteel") for cash proceeds of US$1,076 million. Anglo American announced the sale of Moly-Cop and AltaSteel to OneSteel on 14 November 2010 for a total consideration of US$932 million on a debt and cash free basis. The total cash proceeds amount includes the cash and debt in the business and certain adjustments"



The market cheered the sale, plus also the copper price was driving the stock too. Anglo closed three point three percent higher on the day. Also having a whale of a time was Metorex, up 6.8 percent, the copper price flying. It (the copper price) did slip back a little as the Dollar strengthened up. Is a strong US dollar good for everybody? I guess so. Not so good for commodities, but you would hope that the demand side dynamics would ultimately drive commodity prices.