Home Posts Tagged "Anglo American Plc"

Anglo American Plc

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Anglo American Platinum Ltd., the world biggest producer of the metal controlled by Anglo American PLC, informed that it saw an operating loss of approximately $715 million in 2012 as its production was affected by violent labor strikes in South Africa. Not only violent labor unrest in South Africa led to the loss as the company had been struggling amid weak demand from its major consumers, including European carmakers hit by the debt crisis. The company noted that demand would probably remain weak in the crisis-hit Europe.

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On the 29th of January, Anglo American PLC informed that it would write down $4 billion on its Minas-Rio iron project in Brazil after conducting a review of the scheme. The company, which is one of the world’s mining giants, underlined that the massive write-down in the value of its asset was mainly caused by costs overruns and delays. The surprisingly high write-down on the Anglo American PLC’s project was long expected and it is thought to have been the main cause of the Cynthia Carroll’s resignation from the position of chief executive officer.

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On the 26th of October, Cynthia Carroll, chief executive officer at Anglo American Plc, informed that she had resigned from her position with the company’s board of directors’ agreement. Anglo American CEO Cynthia Carroll’s decision to step down was caused by the increasing pressure from company’s shareholders.

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