Data provided by McGregor BFA
All data is delayed
Loading...
See More

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)

Related Articles

Anglo proposes board reshuffle

Anglo: Government threats out of order

Anglo could bring in partner for Minas Rio

Global miners to act as profits plunge

Cutifani: Mining its own worst enemy

Anglo takes $4bn hit on Minas Rio

 

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.

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

anglo american  |  mining
NEXT ON FIN24X

DRDGold appoints director

2014-04-17 15:05

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're Talking About: Small Business

Standard Bank is looking for 12 entrepreneurs to participate in a 10-part TV series. They could win a R1m investment into their dream.
 
 

DA ad scores nearly half a millions hits on YouTube

The DA's "Ayisafani" (It's not the same) election TV advert - originally pulled off the air by the SABC - has garnered nearly half a million views on YouTube.

 
 

Latest elections multimedia

Why Jack Parow wants you to vote on 7 May
The ad the SABC doesn't want to air
Elections 2014 in one cartoon
This year's election posters

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...