Mining giant Anglo American sold a lot less diamonds last quarter because demand collapsed due to the coronacrisis. This is also due to the fact that many jewelry stores worldwide were closed and a lot less travel was done. Anglo had to rely on profits from iron ore and copper in the last quarter.
Anglo American’s annual turnover fell by 16 percent to 12.5 billion dollars. Below the line was a profit of $ 500 million, 75% less than in the second quarter of last year. The company was also hampered by the lockdown measures to limit the spread of the coronavirus. As a result, production fell by more than 10 percent.
Abaigael Schlomski is an accomplished economist and financial journalist with over a decade of experience in the industry. He is a regular contributor to EconomicInform, where he provides in-depth analysis and expert commentary on the latest economic trends and events. With a keen understanding of the financial markets and a talent for breaking down complex economic concepts for a general audience, Maurice is a trusted and respected voice in the field.
