HomeBase MetalsAnglo sees signs of recovery

Anglo sees signs of recovery

Cynthia Carroll,
CEO, Anglo
Brisbane, Australia — MININGREVIEW.COM — 28 September 2009 – International mining giant Anglo American Plc “’ owner of stakes in the world’s biggest diamond and platinum producers “’ is seeing signs of recovery in the demand for metals, according to CEO Cynthia Carroll.

“We have seen the worst of the downturn, and we are starting to see the first signs of recovery,” Carroll said at an industry presentation here. “The world’s near-term outlook for metals has improved faster than expected,” she added.

Commodities are poised for further gains heading into 2010 because supply constraints persist for many raw materials as the global economy recovers, Barclays Capital said in a report last week.

Carroll “’ who became CEO in 2007″’ has promised to boost job cuts to 19 000 this year from 15 505 in the first half, to help save US$2 billion (R16 billion) of costs by 2011, while Switzerland-based Xstrata says its proposed merger with Anglo would save more than US$1 billion annually by the third full year after the deal.

The index of the six metals traded on the London Metal Exchange has jumped 62% this year, outpacing a 21% gain in the MSCI World Index of stocks.