Anglo American mining company reports lossFebruary 15, 2013 @ 1:10 am
LONDON (AP) - Mining company Anglo American PLC has posted a $1.5 billion net loss for 2012 due to weak commodity prices and problems with a Brazilian iron ore project.
The company's poor performance came after showing a $6.16 billion net profit the year before.
Outgoing chief executive Cynthia Carroll said in a statement Friday that the company had "recorded impairments totally $4.6 billion (post-tax) in relation to Minas-Rio and a number of platinum projects." She called the results "disappointing."
The company adds that the platinum industry faces "challenging economic conditions" and cited the weak global economy.
Carroll has said that the short-term picture is challenging because of problems in Europe and a slowdown in Asia, but she said long- and mid-term prospects were strong.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
Mars Hill Dissolving
Two weeks after Mark Driscoll resigned, Mars Hill leaders say the megachurch is dissolving
Danny O'Neil says Sunday's game isn't about the Raiders
Please login below with your Facebook, Twitter, Google+ or Disqus account. Existing MyNorthwest account holders will need to create a new Disqus account or use one of the social logins provided below. Thank you.