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Anglo American profits tumble

Feb 15 2013 09:39 Reuters
Mining

The mining industry, the bedrock upon which the country was built, is going through something like an existential crisis. (Picture: Shutterstock) (Shutterstock)

Company Data

ANGLO AMERICAN PLC [JSE:AGL]

Last traded 267.72
Change -0.53
% Change 0.00
Cumulative volume 734535
Market cap 376.27bn

Last Updated: 19/09/2014 at 01:23. Prices are delayed by 15 minutes. Source: McGregor BFA

Anglo American Plat Ltd [JSE:AMS]

Last traded 394.84
Change -2.62
% Change -0.01
Cumulative volume 175784
Market cap 106.48bn

Last Updated: 19/09/2014 at 01:26. Prices are delayed by 15 minutes. Source: McGregor BFA

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London - Global miner Anglo American [JSE:AGL] posted a sharp drop in 2012 earnings, hit by tumbling earnings from all core units and writedowns to the value of its troubled platinum assets and the flagship Minas Rio iron ore project in Brazil.

Anglo came in within market forecasts with a 44% drop in operating profit to $6.2bn, within the range of analyst forecasts. Thomson Reuters I/B/E/S had forecast $6.3bn, compared to the company-provided consensus of $6.1bn. Underlying earnings fell 54% to $2.8bn.

After the impact of impairments, the loss attributable to shareholders totalled $1.5bn.

The miner said last month it would write $4bn off the value of its flagship Minas Rio iron ore project in Brazil, where permitting and other delays have contributed to cost overruns that mean the project will cost more than three times original estimates.

South African strikes, particularly in platinum, have been a large part of Anglo's troubles; its Anglo Platinum [JSE:AMS] unit posted its first annual loss earlier this month and said there could be more labour disruption ahead as it pushes through a major overhaul.

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