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Anglo American said Thursday its first half total Group underlying earnings were a record $3.5 billion as continued strong metal prices reflected the favourable trading environment for the Group's key commodities and volumes improved in most commodities.
Strong contributions came from Ferrous Metals, Coal, Base Metals and Diamonds, which all achieved higher operating profit in the period, the miner said.
Platinum recorded lower operating profit due to lower refined production volumes and higher inflation. Industrial Minerals suffered from the downturn in the U.K. housing market, it said.
Base Metals generated an operating profit of $2,454 million, or 41% of Anglo American's total operating profit from core operations, up 13%, due to increased copper and phosphate fertiliser production and higher copper, lead and fertiliser prices.
Platinum reported operating profit of $1,467 million, down 3%, due to lower refined production volumes, partially offset by higher U.S. dollar prices and the weaker average rand in relation to the U.S. dollar.
Ferrous Metals' operating profit increased 80% to $1,296 million, with operating profit from its core businesses increasing by 129% to $1,252 million, mainly due to higher iron ore and manganese ore sales volumes and prices, and manganese alloy prices.
Coal recorded operating profit of $731 million, 129% higher, mainly due to higher prices for both thermal and metallurgical export coal and higher production, particularly at the Australian operations.
Diamonds recorded attributable operating profit of $328 million, up 23%, principally due to the steady increase in the price of diamonds during the period.
Industrial Minerals' operating profit fell 22% to $163 million reflecting the difficult trading conditions in key markets such as Spain and the U.K., as well as the impact of significant cost increases.
Anglo American said production volumes were up for copper, zinc, iron ore, manganese ore, coal and phosphate fertilisers.
Platinum production volumes from mining operations were down on the prior year due to flooding at the Amandelbult mine, skilled labour shortages, safety related stoppages, lower throughput at the Mogalakwena South concentrator and electricity constraints.
Nickel production was down following labour related disruptions and furnace downtime at Loma de Níquel, said Anglo.
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(END) Dow Jones Newswires
07-31-08 0340ET
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