MARKET TALK: Anglo American 1H Misses View;Minas Rio A Concern

30th Jul 2010 09:21

0821 GMT [Dow Jones] Anglo American's (AAL.LN) 1H results slightly miss expectations, says Liberum Capital. Anglo American reported underlying EPS of $1.84 versus its expectations of $1.98, underlying net earnings of $2.2 billion, below Liberum's US$2.4 billion estimate, and Ebitda of $5.4 billion versus Liberum's expectations of US$5.6 billion, the bank says. It adds that "the tone of progress at Minas Rio is not reassuring - key permits remain outstanding and AAL lack certainty on when construction can begin." Anglo is flagging production delays until mid-2013 at least, a $210 million capex increase plus $540 million if permits are received within 9 months, the bank says. "In our view there are no nasty surprises here." Liberum has a buy rating on the stock. Anglo American +0.1% at 2543p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 30, 2010 04:21 ET (08:21 GMT)