HomeBase MetalsAnglo fails to re-instate dividend

Anglo fails to re-instate dividend

Anglo American “’
no dividend yet
London, England — MININGREVIEW.COM — 19 February 2010 – Mining giant Anglo American plc “’ one of the world’s largest diversified mining and natural resource groups “’ has declined to reinstate a dividend, after posting a forecast-beating 51% fall in annual earnings per share on the back of falling metal prices.

Announcing this here today the company said: “The resumption of the dividend at the earliest possible time remains a key priority for the board.”

The Anglo statement continued: “Assuming that the commodity price environment and outlook continue to improve, and the business performance remains robust, the board would expect to be able to announce the resumption of a dividend in respect of the current financial year.”

Anglo took the dividend decision after two rivals “’ Xstrata and Rio Tinto “’ resumed payouts last week, having suspended them to save cash during the downturn.

Anglo posted underlying EPS of 214 cents for 2009, down from 436 cents the previous year, on revenue of US$24.6 billion (R184.5 billion.

The company had been expected earn 197 cents a share on revenue of US$22.59 billion (R170 billion), according to the consensus estimates of 20 analysts polled by Thomson Reuters I/B/E/S.