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Anglo American profits halved

City A.M. Reporter
MINING powerhouse Anglo American saw its profits plunge in 2009 after metal prices dropped amid the global economic crisis.

Its profit was $2.43bn (£1.57bn) – down by 53.5 per cent from $5.2bn in 2008.

The London-based company said in a statement: “Platinum group metals, iron ore, coal, nickel and diamond prices has been the key driver of the decline in earnings, coupled with falling demand.”

Meanwhile the company, whose main operations are in South Africa, said it would not pay a dividend for a second year running.

Last year Anglo American rejected a takeover approach from rival Xstrata.