HomeBase MetalsAnglo American notches record profits

Anglo American notches record profits

General view of the
plant at the Finsch
mine of De Beers
London, England — MININGREVIEW.COM — 20 February, 2008 – Global mining and natural resources leader Anglo American plc achieved a record total group operating profit of US$10.1 billion (more than R75 billion) in 2007 – 3% up on the previous year.

Anglo American is involved in platinum group metals, diamonds, coal, base metals, industrial metals, ferrous metals and gold operations. It has projects spread through Africa, Europe, Asia, Australia, South America and North America.
Releasing its annual results for the year ended 31 December 2007, the company also revealed a 12% increase in operating profit from core operations to US$8.9 billion (R67 billion), as well as
highest ever total group underlying earnings of US$5.8 billion (more than R43 billion), up 5% on the previous year. Underlying earnings per share rose 18% to US$4.40 (R33).

The results statement noted strong performances from base metals, platinum, ferrous metals and industrial minerals. It pointed out that US$380 million (almost R3 billion) was achieved in cost savings in 2007. Total group profit for the year attributable to equity shareholders was up 18% at US$7.3 billion (R55 billion).

In its efforts to uplift its unique portfolio and drive significant growth, Anglo American reports that it is expediting various projects for significant near and medium-term growth – among them PPRust and Sishen in South Africa.

The company’s results statement reveals that US$12 billion (R90 billion) of projects are currently under development, and that additional projects under consideration are estimated to total US $29 billion (R220 billion).