Embattled Anglo says profits have tumbled

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The Independent Online

Anglo American, the beleaguered mining group under pressure to do better from shareholders, yesterday said underlying profits had tumbled by more than two thirds to $1.1bn (£665m) in the first half of the year.

Shareholders want action after the company fended off a merger approach from rival Xstrata. Cynthia Carroll, chief executive, said the company was on track to deliver cost savings of $2bn by 2011. Some 15,000 jobs have gone this year out of more than 19,000 planned.