Converting

Mondi’s proposed demerger from mining company Anglo American is likely to take place in July, according to Anglo American chief executive Cynthia Carroll.

Speaking today at the group’s annual general meeting, Carroll, who has been in the job since January, said approval had been received from financial authorities and that the demerger was “expected” in July, subject to shareholders’ consent.

Following the demerger, the Mondi Group will be dual-listed in Johannesburg and London, but will be managed as a single company.

David Hathorn and Paul Hollingworth will continue as chief executive and chief financial officer, respectively, of the Mondi Group, which will have its headquarters in South Africa.