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Empresas y finanzas

Anglo American profit surge beats forecasts


    LONDON (Reuters) - Anglo American, the world's fourth-biggest diversified miner, posted better than expected profits thanks to sharply higher metal prices, and said demand growth remained extremely positive.

    It also said it is to move its Tarmac UK aggregates and cement business into a joint venture with Lafarge to create a UK construction materials combine with sales of about 1.8 billion pounds.

    Anglo's profits were driven by its Kumba iron ore, copper and platinum businesses. Copper and iron ore were Anglo's biggest earnings contributors in 2010 and prices for both commodities are close to or at record highs this year.

    Net profit surged to $6.54 billion last year, exceeding the $4.99 billion average forecast made by analysts, according to Thomson Reuters I/B/E/S Estimates, and up from the $2.43 billion made in 2009.

    However, the shares were down 1.9 percent at 32.33 pounds by 0923 GMT.

    The company said it will pay a final dividend of 40 cents a share, after restoring the payout with an interim dividend of 25 cents.

    "A small negative is a slightly stingy dividend - a function perhaps of the increased commitment to organic growth," said Liberum Capital.

    Anglo said it has a $70 billion pipeline of more than 60 projects that has the potential to more than double production over the next decade and expects to approve $16 billion of projects in the next three years.

    "Our near-term production growth of 50 percent by 2015 is exceptionally strong, with four major projects making excellent progress, enabling us to start up a new mining operation every six to nine months over the next few years," said Chief Executive Cynthia Carroll.

    Larger rivals BHP Billiton and Rio Tinto, flush with cash as demand from China helps fuel a commodity price boom, recently announced billion dollar buybacks..

    Anglo was not expected to follow suit due to its large capital expenditure program and higher gearing than some of its peers.

    "Our focus right now is on our project pipeline, on our organic growth," said Carroll.

    Anglo said the outlook for demand growth for its commodities remained extremely positive although a number of short-term uncertainties remained.

    (Reporting by Julie Crust; Editing by Matt Scuffham, Greg Mahlich)