Business

Anglo still powering on: outgoing chief executive

IN WHAT could prove to be the legacy of outgoing Anglo American chief executive Cynthia Carroll, the mining boss reportedly celebrated 1200 job cuts she said helped make Anglo's mines the most efficient in the country.

The comments came as the Brisbane-based firm with a number of metallurgical coal operations in the Bowen Basin and overseas prepared to post its results on Friday.

Ms Carroll - who is expected to leave her post for Australian-born Mark Cutifani in April - said despite Anglo's profits falling by 44%, the company was still powering on.

Anglo's metallurgical coal mines achieved a record production in the past 12 months, partially offsetting the lower international prices.

She backed the future of Anglo's Grosvenor project being developed near Moranbah as a low-cost, high-priority investment.

It is due to begin exporting coal from 2016.

"Grosvenor is a low-risk project in our own backyard, sharing infrastructure with our existing operation of Moranbah North," she said.

"It's expected to create about five million tonnes of metallurgical coal from its underground operations."

Metallurgical coal is combined with iron ore in order to create steel.

It is currently worth $159 per tonne, down from more than $200 per tonne in early 2012.

Topics:  anglo american, bowen basin, mining




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