- Anglo American reported Thursday higher annual profits supported rising prices for platinum group metals.

For the 12 months ended 31 December 2018, profit attributable to equity shareholders increased to $3.5bn from $3.2bn a year earlier. Underlying earnings (EBITDA) increased by 4% to $9.2bn.

Operating profit was $6.1bn, up from $5.5bn.

The rise of inflation across the group was 'more than offset by strong prices across the group, particularly the platinum group basket of metals, thermal and metallurgical coal and nickel, as well as continued productivity improvements and cost control across the portfolio,' the company said.

Platinum group metals, and coal led growth delivering underlying EBITDA of $1.06bn and $3.2bn, up from $866m and $2.87bn.

Average market prices for the group's basket of commodities and products increased by 4%, contributing $0.9bn of improvement to underlying EBITDA, the company said.

At De Beers, production in 2019 is expected to be lower in the range of 31-33m carats, driven by the planned process of exiting from the Venetia open pit, with the underground operation becoming the principal source of ore from 2023, the company said.

At 8:00am: [LON:AAL] Anglo American PLC share price was +12.5p at 2032.5p

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