Anglo shrugs off forex squeeze

13 April 2012

MINING group Anglo American stuck by its $6bn (£3.7bn) expansion drive today as it beat City forecasts by overcoming the strong South African rand to lift half-year profits.

The De Beers diamonds-to-paper packaging group, said it would press on with its growth programme despite the currency squeeze that has seen the rand jump 27% against the US dollar this year.

It is spending more than $2bn to raise Anglo Platinum's production by 75%, while in Britain a $173m cement plant in Buxton, Derbyshire, should be completed by the end of the year. Underlying profits across the business rose 2% to $856m in the six months to 30 June on turnover of $12.1bn, up 26%.

Analysts' forecasts ranged from $800m to $830m.

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