Commodities
Anglo American Posts Steep Profit Fall and Lowers Dividend
- Miner writes down value of De Beers business by $1.6 billion
- Anglo announces the purchase of an iron ore deposit in Brazil
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Anglo American Plc reported a steep fall in profit and lowered its dividend after a slump in key commodities it produces.
While much of the mining industry has been hit by falling prices and weaker demand, for Anglo it’s been especially bruising. Diamonds and platinum group metals — commodities that are unique to its portfolio — have plunged this year. The company was also forced to drastically slash its copper production goals, sending its shares tumbling late last year.