MARKET TALK: Anglo American Beats Consensus;Minas Rio Worrisome

30th Jul 2010 09:34

0834 GMT [Dow Jones] Anglo American (AAL.LN) 1H operating profit is 5% above consensus forecast and in line with Credit Suisse's forecast, the bank says. Anglo American 1H operating profit at $4.4 billion compared to a company consensus forecast of $4.1 billion based on 12 analysts polled. Underlying earnings per share was $1.84 compared to consensus forecast of $1.73 and Credit Suisse's $1.89. Credit Suisse says it's "concerned over ongoing negative news on Minas Rio. With the divestment strategy nearing completion the next phase of performance has to be driven by real cost reductions and successful project progression." Minas Rio capex increased by $750 million and the Likely start date is now 2013 at the earliest with further licensing delays potentially pushing the project start date into 2014. Credit Suisse has a neutral rating and a 3000p target. Shares +0.5% at 2552p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 30, 2010 04:34 ET (08:34 GMT)