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Anglo American shrugs off S. Africa platinum strikes

AFP

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Anglo American on Friday announced a tripling of first-half profits as the global miner shrugged off disruptions caused by strikes at platinum mines in South Africa.

Profit after tax jumped to $1.46 billion (1.1 billion euros) in the six months to the end of June compared with $403 million for the equivalent period in 2013, Anglo said in a results statement.

Currency fluctuations helped to offset cost inflation, platinum strike action and lower prices for commodities, said chief executive Mark Cutifani.

"The first six months of 2014 for the mining industry have seen ongoing soft demand and declines in average realised prices for most of the commodities Anglo American produces... reflecting uncertainty surrounding global economic growth prospects in the developed and developing economies," he added in the statement.

Anglo American unit Amplats, the world's biggest platinum producer, said this week that it would offload some of its South African mines following a debilitating five-month wage strike which cut annual production by 40 percent.

Date created : 2014-07-25