Anglo American posts $1.49-bn loss after $4.6-bn writedown
16 Feb 2013
Anglo American has become the latest mining giant whose board has shown the door to its CEO after massive writedown.
Anglo American, run by its outgoing CEO Cynthia Carroll, posted an annual net loss of $1.49 billion on revenues of $32.8 billion for 2012, compared with a $10.78 billion profit the year before.
The group's operating profit fell 44 per cent to $6.2 billion.
The company's balance sheet, like that of fellow miner Rio Tinto, was blemished by a $4.6 billion writedown over its delayed iron ore Minas-Rio project in Brazil that also faced cost over-runs.
Anglo American's loss came a day after Rio Tinto posted its first ever loss of $2.9 billion primarily because of a massive $14.4 billion writedown on its Canadian aluminum and Mozambique coal assets.
In October 2012, Carroll announced that she would step down after being pressured by shareholders over the company's poor performance. Rio Tinto had also shown the door to CEO Tom Albanese.