ANGLO AMERICAN
Latest writedown $3bn to $4bn
On Wednesday BHP Billiton took a $2.8 billion hit on the value of its US shale gas market assets. Yesterday Anglo American announced a writedown of $3 to $4 billion, mainly on its huge Minas-Rio Brazilian iron ore mine which should reach full production in the middle of next year but also on Australian coal.
These were the first shots in what looks like being an uncomfortable reporting season for the global miners. Both BHP and Anglo chose to use production reports, which come a few days before the financials, to announce the writedowns, quite possibly to take some of the sting out of the latter.
Rio Tinto and Glencore report over the next few weeks. Rio yesterday