Anglo American Plc’s Q1 Aluminum, Nickel Production Fall, Copper Rises

London, April 29, 2008—Mining giant Anglo American Plc announced Tuesday that its aluminum, platinum, coal and nickel production entailed a drop due to power cease, strike and flood in the first quarter this year, while copper at an increase. Analyst predicts the company’s profit will rise, as supply shortage will lead to the rise in prices, with net profit estimated jumping 31% at 7.49 billion dollors. Platinum and cooper, two major minerals of the company, accounted for 30% of the total profit in 2007. “The overall results are disappointing, though we’ve known the factors on it, but still, we’re disappointed. ” said analyst Johann Pretorius from Nedcor Securities in Johannesburg, adding almost all of the mineral production from Anglo American is lower than expection. Copper production at Anglo American rose 9% to 159,733 tons in the quarter due to productive Los Bronces mine in Chile. Nickel production fell 28.5% to 4,622t due to strike in Venezuela, but zinc up at 1%. COPYRIGHT All rights reserved. The copying, republication or redistribution of WAM News Content, including by framing or similar means, is expressly prohibited without the prior written consent of WAM.