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Anglo American takes up to $4bn hit on falling commodities

Anglo American revealed a writedown of up to $4 billion (3.7 billion euros) sparked by sliding commodity pricesAnglo American revealed Thursday a writedown of up to $4 billion (3.7 billion euros) sparked by sliding commodity prices that cut the value of its Brazilian Minas-Rio iron ore project and Australian coal assets. “The first six months of 2015 have seen significant further weakness and ongoing volatility in the prices of the bulk commodities, particularly iron ore and metallurgical coal,” the resources giant said in a second-quarter production statement. The Anglo-South African firm has made a string of costly writedowns on the value of Minas Rio, which it purchased at around the time of the financial crisis for $4.8 billion to secure key supplies of iron ore.

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