Anglo American profit beats expectations

City A.M. Reporter
Anglo American, the world's fourth-largest diversified miner, posted better-than-expected results for the year and said the outlook for the commodities market remained positive.

In a separate statement, it said it would combine its UK aggregates business with Lafarge to create a construction materials company with sales of about $1.8bn (£1.1bn).

Net profit for Anglo jumped to $6.54bn, exceeding a $4.99bn Thomson Reuters consensus, from $2.43bn the year earlier.

Larger rivals BHP Billiton and Rio Tinto, flush with cash as demand from China helps fuel a commodity price boom, have large expansion plans and recently announced billion dollar buybacks.