Financial overview
Operating profit at Anglo Base Metals reached an all time high of $4,338 million, surpassing the previous year’s record of $3,897 million. This resulted from increased copper, zinc and phosphate fertiliser production, combined with higher nickel, lead, niobium and fertiliser prices, partially offset by adverse exchange rate movements and further rises in the costs of energy, labour and most key consumables. Although the London Metal Exchange copper price was higher than in 2006, a significant mark to market and final liquidation adjustment as at 31 December 2007 resulted in realised copper prices being little changed from 2006.
| $ million (unless otherwise stated) | 2007 | 2006 |
|---|---|---|
| Operating profit | 4,338 | 3,897 |
| Copper | 2,983 | 3,019 |
| Nickel, niobium, mineral sands and phosphates | 786 | 426 |
| Zinc | 654 | 516 |
| Other | (85) | (64) |
| EBITDA | 4,683 | 4,255 |
| Net operating assets | 4,989 | 4,599 |
| Capital expenditure | 610 | 315 |
| Share of Group operating profit | 45% | 44% |
| Share of Group net operating assets | 19% | 22% |
In 2007, Copebrás was reclassified from Industrial Minerals to Base Metals to align with internal management reporting. As such, the comparative data has been reclassified.
In 2007, Copebrás was reclassified from Industrial Minerals to Base Metals to align with internal management reporting. Only the 2006 comparative has been restated to reflect this.