Anglo American posts record profits

20 February, 2012 Diamond-to-coal miner Anglo American hits profits of £7 billion.

Diamond-to-coal miner Anglo American has posted record profits following increased demand from China.

The company, which owns building materials Tarmac as well as diamond giant De Beers, saw profits hit £7 billion and also reported a 14 per cent rise for the past 12 months.

Despite projects in South Africa and Australia being hit by flooding it managed to set up three new sites to boost its iron ore, nickel and copper production. The company operates all over the world and in 2010 spent over $136 million (£85.6 million) in exploration operations to help boost its already thriving business.

As a result of the increase in profit, shares in the company rose by two per cent with the group stating that it had commissioned nine projects in the past year.

Cynthia Carroll, chief executive, said: "Despite short-term uncertainty persisting in the global economy, particularly in Europe, the longer-term outlook for Anglo American's diversified mix of commodities remains strong."

© Adfero Ltd