ANGLO American has entirely completed it exit from its Tarmac business with the sale of its Tarmac assets in the Middle East to Colas Moyen Orient, a subsidiary of French engineering and construction company Bouygues Group.Anglo has embarked on a sale of assets to reduce debt and to focus on between 20 and 25 core mines in diamonds, industrial minerals including platinum, and bulk commodities such as iron ore and coal. At the end of last year, Anglo had 55 mines.Anglo is cutting its workforce to fewer than 50,000 people from 135,000 last year, with most of that reduction coming from the sale of assets.The exit from Tarmac has been a lengthy process and gained traction with the sale of its 50% interest in Lafarge Tarmac last year.The joint venture operations in the Middle East that fell within the Tarmac division were in the United Arab Emirates, Oman and Qatar.Anglo said the terms of the transaction were confidential. It said there was an additional nonoperating joint venture entity...
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