UK-based mining giant Anglo American has issued its financial results for the first half of 2012, reporting a sharp decline in its net profit for the half year.
According to the financial results, in the first six months of 2012 Anglo American's net profit amounted to $1.2 billion, declining by 70 percent year on year. Revenues for the period decreased 10 percent to $16.4 billion compared to the corresponding period of 2011. EBITDA was $4.9 billion, down 31 percent year on year. Anglo American's operating profit fell to $3.7 billion, decreasing by 38 percent compared to the first half of the previous year.
However, in the first six months iron ore production from Anglo American's South African subsidiary Kumba Iron Ore reached a record level of 21.6 million mt, while its export sales increased by 13 percent year on year to 20.7 million mt. Anglo American's overall metallurgical coal production for export sales in the given period reached a record 8.6 million mt, up 40 percent year on year.