Rising Metal Prices Help Boost Anglo American's Full-Year Net |
| Wall Street Journal - Feb 20, 2008 |
Anglo American PLC Wednesday reported an 18% rise in net income on strong metal prices and a continued effort to refocus the company on core mining operations.
Chief Executive Cynthia Carroll said Anglo American wasn't "sitting idle" during a round of mergers and acquisitions sweeping the top tier of companies in her sector but added that she wasn't in talks with Xstrata PLC or other immediate peers. "We are continuing to look at all options and how the industry is changing or could change over time," Ms. Carroll said in a call with reporters. "We believe we have the scale to do what is necessary going forward."
Two potential deals, BHP Billiton Ltd.'s bid for Rio Tinto PLC and Companhia Vale do Rio Doce's with Xstrata PLC, would create a new class of miners far larger than Anglo American. Anglo instead appears to be focusing on internal growth and smaller acquisitions. The company acknowledged it had slowed its share buyback program in favor of capital expenditure on projects in Brazil, South Africa, Chile and Australia.
Read Full Article from Wall Street Journal
- Posted: 2008-02-20 09:48:37
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