Announcing their interim results this morning, mining company Anglo American confirmed that it would be putting UK-based building materials company Tarmac, up for sale.
Much speculation has surrounded the likelihood of the move in the past few days, with city analysts valuing the company at around £3bn.
Neither Anglo American nor Tarmac were available for comment, this morning, but chief executive Cynthia Carroll, who took over in March this year having joined the board in January, confirmed the sale in the trading statement.
“In May, I announced that we were evaluating Tarmac’s fit within our portfolio of assets and, as a result of this review, we have decided that Tarmac is not core to the future development of Anglo American as a focused mining company and a sale process will be initiated.”
She added that the company would continue to focus on their core mining portfolio.