Anglo American '09 Profit Falls 54%

LONDON (TheStreet) -- Anglo American (AAUK), the metals and mining company, said 2009 profit fell 54% as metals prices declined.

Earnings in 2009 fell to $2.42 billion, or $2.02 a share, from $5.22 billion, or $4.34 a share, a year earlier.

Anglo American said Friday that revenue declined 25.3% to $24.64 billion.

"The impact of the global economic downturn on realised platinum group metals, iron ore, export coal, nickel and diamond prices has been the key driver of the decline in earnings, coupled with falling demand, particularly in the metallurgical coal and thermal coal businesses," Anglo American said in a statement.

Looking ahead, the company said the "medium and long-term outlook for the mining industry remains strong."

Anglo American suspended its dividend in 2009. It said it could resume dividend payments in 2010 "assuming that the commodity price environment and outlook continue to improve."

-- Reported by Joseph Woelfel in New York.

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