11th Feb 2014 08:58
LONDON (Alliance News) - Anglo American PLC Tuesday announced good results from its subsidiary Kumba Iron Ore Ltd's operations for the full year 2013.
The major mining company said that Kumba announced a 4.6% increase in its headline earnings to USD1.60 billion for the year ended December 31 from USD1.53 billion the previous year.
After a set of adjustments, including depreciation of some assets and corporate cost allocations, the contribution of cash to Anglo American also will be up, at USD1.11 billion from USD1.04 billion the previous year.
Kumba Iron Ore controls Anglo American's 69.7% owned major producing Sishen, Thabazimbi and Kolomela mines in South Africa.
Anglo American said in January that its Kumba Iron Ore Production in South Africa increased by 25% to 11.3 million tonnes in the three months ending December 31, 2013, compared from the previous year, mainly due to a strike in the comparative fourth quarter of 2012 which slowed operations.
The news comes ahead of Anglo American's full-year financial results announcement due on Friday.
Anglo American shares were up 1.8% to 1,528.50 pence, putting it among the top FTSE 100 gainers in early trading Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Anglo American