Minorco, the holding company for the non-African, non-diamond interests of De Beers and the South African giant Anglo American, said it foresaw no early reversal of the commodities position.
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MINORCO is considering the first dividend cut in its 70-year history after first-half operating profits fell 26 per cent to $303m (pounds 180m) as commodity prices - most importantly copper, ammonia fertiliser and methanol - stayed weak after collapsing in the latter part of 1997.