Anglo American swings to loss on Minas Rio write-down

Miner Anglo American this morning posted a sharp drop in 2012 earnings, hit by tumbling earnings from all core units and by the write-down on the Minas Rio project in Brazil.

Underlying annual earnings plunged to $2.84bn (£1.83bn), a 54 per cent drop from the $6.12bn in 2011.

The FTSE miner swung to a $1.5bn loss last year, following the $4bn write-off on the Brazilian iron ore project, after costs spiralled.

Chief executive Cynthia Carroll, who is due to be succeeded by Mark Cutifani in April, blamed “markedly weaker commodity prices, ongoing cost pressures and an operating loss in our platinum business” for the decrease in earnings.