Anglo American 2010 net profit nearly triples

Global miner Anglo American said Friday that net profits almost tripled to $6.54 billion (4.82 billion euros) last year, as the sector was boosted by soaring commodity prices and emerging markets demand.
Earnings after tax rocketed 170 percent in 2010 from $2.43 billion in 2009, London-based Anglo American said in a results statement.
The firm, which has key mining operations in South Africa, said operating profit almost doubled to $9.8 billion in 2010 while revenues jumped 34 percent to $32.93 billion.
"Anglo American performed strongly in 2010, both operationally and financially, and we have continued to deliver on our clear strategic objectives," chief executive Cynthia Carroll said in the statement.
"In addition to benefiting from higher commodity prices, our focused commodity businesses are driving superior operating performances, through major productivity improvements, disciplined cost management and the benefits of our asset optimisation and global supply chain programmes."
Anglo added that demand growth would be driven by the rapid economic expansion of emerging markets -- particularly China and India.
"The outlook for demand growth for Anglo American's commodities remains extremely positive. Such demand will be driven by the resource intensive nature of robust economic growth in the emerging markets, led by China and India and many countries across Asia, Latin America and Africa.