Platinum and Diamonds Help Anglo American's Profits Surge

March 16, 2001

Platinum and Diamonds Help Anglo American's Profits Surge

Anglo American, the world's largest mining company, announced Wednesday its headline profit increased by 53% to $2 billion and profit for the year increased by 26% to $1.96 billion. Contributions from the Anglo Platinum subsidiary made up 25% of the company's headline profits and helped offset the lower results from AngloGold caused by lower gold prices.

"The headline profit of $2 billion for 2000 represents a record result," says CEO Tony Trahar. "It reflects the strength of our business with strong contributions from platinum, diamonds, coal and forest products as well as the benefits of restructuring and expansion. We continue to focus on cost control and improving efficiencies across the group."

The company also reported its total operating profit, excluding operating exceptional items, was up by 62% to $3.48 billion, and acquisitions announced during the year totaled close to $4 billion. In addition, the disposal of non-core assets generated cash proceeds of $1.23 billion, and the ongoing focus on cost control generated savings over the last two years exceeding $290 million.

- by Julia M. Duncan