• Free market fallacies

    Higher income benefits could be trickling up instead of down, says Leopold Scholtz.

  • What awaits Greece?

    Julien Marcilly takes a look at what may transpire after the Greek referendum.

  • A loss of respect

    Can SA still attract the best as our leaders take questionable decisions, asks Solly Moeng.

Loading...
See More

Strikes take toll on Anglo output

Jan 25 2013 09:31
Reuters

Striking Anglo American mine workers in confrontation with police. (City Press)

Company Data

ANGLO AMERICAN PLC [JSE:AGL]

Last traded 176
Change 2
% Change 1
Cumulative volume 1992267
Market cap 0

Last Updated: 02-07-2015 at 05:00. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Anglo 'stole our money' - Mantashe

Amplats: Knock-on risks

High risk, high reward

NUM urges Cutifani to reform Anglo

Cutifani needs free hand at Anglo

Anglo American shares slide

 

London - Anglo American [JSE:AGL] has posted a drop in fourth-quarter production of platinum and iron ore, during which it was hit by strikes that battered South Africa's mining industry last year.

Copper - the second largest contributor to Anglo's profit line after iron ore - provided marginally better news but rose just 2% to 172,900 tonnes, as troubles at its Collahuasi mine in Chile offset increased output at Los Bronces, one of the company's major growth projects.

Iron ore was the largest contributor to Anglo's profit in 2011, but the mining group said on Friday that production at its key Kumba Iron Ore unit fell 19% to 9 million tonnes, after 5 million tonnes of production were lost at its Sishen mine due to the strike.

Equivalent refined platinum production fell by 29%, due to almost two months of labour unrest.

Anglo has unveiled plans to tackle losses at its platinum arm, slashing jobs and mothballing mines, and it has also appointed a new chief executive, to replace outgoing boss Cynthia Carroll, who left under shareholder pressure over poor returns.

Friday's numbers illustrate the size of the task ahead for new arrival Mark Cutifani, who will be tasked with radically improving the company's lagging share performance.  

The company did not provide updated details on costs or timing for its flagship Minas Rio iron ore project in Brazil, where it has been hit by delays and cost overruns and which is widely expected to be written down before Anglo's annual results in February.  

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

anglo american  |  mining unrest

NEXT ON FIN24X

 
 
 

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
1 comment
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

SMALL BUSINESS

There are no formal training requirements for becoming a beautician in South Africa. But it is highly recommended you complete a course in beauty therapy.
 

Money Clinic

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

Voting Booth

SA’s new visa regulations are:

Previous results · Suggest a vote

Loading...