Anglo American Mining Company Reports Loss
LONDON (AP) â¿¿ Mining company Anglo American PLC has posted a $1.5 billion net loss for 2012 due to weak commodity prices and problems with a Brazilian iron ore project.
The company's poor performance came after showing a $6.16 billion net profit the year before.
Outgoing chief executive Cynthia Carroll said in a statement Friday that the company had "recorded impairments totally $4.6 billion (post-tax) in relation to Minas-Rio and a number of platinum projects." She called the results "disappointing."
The company adds that the platinum industry faces "challenging economic conditions" and cited the weak global economy.Carroll has said that the short-term picture is challenging because of problems in Europe and a slowdown in Asia, but she said long- and mid-term prospects were strong.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV