anglo american takes up to 4bn hit on falling commodities
Monday 3 March 2025
Last Updated : GMT 05:17:37
Emiratesvoice, emirates voice

Anglo American takes up to $4bn hit on falling commodities

Emiratesvoice, emirates voice

Emiratesvoice, emirates voice Anglo American takes up to $4bn hit on falling commodities

Anglo American revealed a writedown
London - AFP

Anglo American revealed Thursday a writedown of up to $4 billion (3.7 billion euros) sparked by sliding commodity prices that cut the value of its Brazilian Minas-Rio iron ore project and Australian coal assets.

"The first six months of 2015 have seen significant further weakness and ongoing volatility in the prices of the bulk commodities, particularly iron ore and metallurgical coal," the resources giant said in a second-quarter production statement.

"As a result, Anglo American expects to record non-cash impairments within special items at 30 June 2015 relating to Minas-Rio and certain Australian coal assets of approximately $3.0-$4.0 billion on a post-tax basis."

Anglo American added that it has "reviewed its near and longer term commodity price assumptions at the mid-year, while also noting the gradual and ongoing reduction of consensus prices within what remains a wide range of forecasts."

The Anglo-South African firm has made a string of costly writedowns on the value of Minas Rio, which it purchased at around the time of the financial crisis for $4.8 billion to secure key supplies of iron ore.

In February, the group had announced a separate $3.5 billion charge on the value of Minas-Rio, blaming sliding prices for iron ore -- a metal used to make steel.

And in its 2012 earnings, Anglo took a $4-billion hit on the value of the project, owing to delays that sent costs soaring.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

anglo american takes up to 4bn hit on falling commodities anglo american takes up to 4bn hit on falling commodities

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

anglo american takes up to 4bn hit on falling commodities anglo american takes up to 4bn hit on falling commodities

 



GMT 10:31 2014 Tuesday ,23 December

Mirages of failure: Lebanon cannot wait

GMT 05:17 2024 Wednesday ,07 February

Amazon to open first cashierless shop

GMT 06:15 2018 Tuesday ,23 January

Volkswagen clinches record sales

GMT 09:54 2018 Wednesday ,24 January

'Friendly and kind' N. Korean skaters

GMT 16:34 2017 Friday ,21 July

Scores of mercenaries killed in Shabwah

GMT 09:48 2017 Wednesday ,02 August

Top three yoga poses activity of the brain

GMT 18:21 2012 Tuesday ,28 February

You are not ugly, so don\'t make those videos

GMT 08:13 2017 Saturday ,27 May

Women for Afghan Women honours

GMT 03:28 2012 Thursday ,05 April

Would you eat your own placenta?

GMT 20:00 2017 Thursday ,29 June

Firefighters control Sharjah fire

GMT 03:48 2014 Thursday ,06 February

How to save a relationship

GMT 08:11 2017 Wednesday ,25 October

AGU discusses cooperation with Chinese Jinan University
 
 Emirates Voice Facebook,emirates voice facebook  Emirates Voice Twitter,emirates voice twitter Emirates Voice Rss,emirates voice rss  Emirates Voice Youtube,emirates voice youtube  Emirates Voice Youtube,emirates voice youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

emiratesvoieen emiratesvoiceen emiratesvoiceen emiratesvoiceen
emiratesvoice emiratesvoice emiratesvoice
emiratesvoice
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
emiratesvoice, Emiratesvoice, Emiratesvoice