On July 29,
UK-based
mining giant
Anglo American issued its financial results for the first half of 2011. Accordingly to the financial results, sales revenues including associates increased 22 percent in the first half of 2011 to $18.29 billion compared to the same period of 2010. EBITDA was $7.11 billion, up 31 percent year on year.
Anglo American’s operating profit of $6 billion including associates in the January-June period of 2011 was 45 percent higher than the same period of 2010.
Production across
Anglo American’s operations was negatively affected by significant increases in rainfall relative to the same period in 2010. At Kumba’s Sishen mine in
South Africa,
production from the Dense Medium Separation plant was down 16 percent on year-on-year basis. Kumba’s Sishen Mine saw an 18 percent increase in
production during the second quarter of 2011 as operations recovered from the rain-disrupted first quarter. Metallurgical coal
production was down 19 percent versus the first half of 2010, but in the second quarter increased by 77 percent against the first quarter.
Cynthia Carroll, chief executive of
Anglo American, said: “
Anglo American’s delivery of substantial near-term
production growth in nickel, copper and
iron ore at attractive cash cost positions clearly sets us apart. Our four major projects have all made excellent progress; Barro Alto began
production on schedule in March and will more than double our nickel business’
production when it reaches full capacity in 2012. In the fourth quarter of this year, the expansion of our Los Bronces copper operation will begin
production on schedule, more than doubling the mine’s
production over the first three years to 490,000 mt per year and will have highly attractive cash operating costs.”
Carroll added that in the first half of 2012 the 9 million mt per year Kolomela
iron ore project in
South Africa will ramp up
production. In
Brazil, the 26.5 million mt per year Minas-Rio
iron ore project has continued to make good progress since March. The project is on track to deliver first ore on ship in the second half of 2013.