FILE- Striking mineworkers protest in Marikana, South Africa, in this file photo dated Wednesday Sept. 5, 2012. The Anglo American Platinum mining company the world's largest platinum producer, announced Thursday Jan. 15, 2013, it will close four mine shafts and sell one mine, expecting to cut some 14,000 jobs only months after the country suffered massive labor unrest in the mining sector, while the government's minister of mines and the National Union of Mineworkers, NUM, expressed surprise and shock at the announcement. (AP Photo/Denis Farrell, File)
Anglo American mining company reports loss
Published: 09:10:09 AM, Fri 15 February 2013 UTC
LONDON (AP) — Mining company Anglo American PLC has posted a $1.5 billion net loss for 2012 due to weak commodity prices and problems with a Brazilian iron ore project.
The company's poor performance came after showing a $6.16 billion net profit the year before.
Outgoing chief executive Cynthia Carroll said in a statement Friday that the company had "recorded impairments totally $4.6 billion (post-tax) in relation to Minas-Rio and a number of platinum projects." She called the results "disappointing."
The company adds that the platinum industry faces "challenging economic conditions" and cited the weak global economy.
Carroll has said that the short-term picture is challenging because of problems in Europe and a slowdown in Asia, but she said long- and mid-term prospects were strong.
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