Anglo American shares slide as platinum production falls

<p>A fall in platinum production has sent Anglo American shares lower.</p>

Anglo American's share price has dropped as the company announced its production of platinum and iron ore over the fourth quarter of the year slumped.

The company, which is the world's largest extractor of platinum, was hit by countrywide wildcat strikes in these mining sectors of South Africa's mining industry in 2012.

Platinum production slumped by 29 per cent following almost two months of unrest in the workforce, while iron ore – which was the largest contributor to Anglo's profit in 2011 – fell by 19 per cent to nine million tonnes at its key Kumba Iron Ore unit.

Earlier this month, the company revealed a strategy to tackle its losses by leaving mines dormant and cutting jobs in order to make savings.

At 11:30 GMT, shares in Anglo American on the London Stock Exchange fell by one per cent to 1875.50p per unit.

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