Jeff Largey, Head of Metals and Mining Research, Macquarie Bank
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Anglo American falls to 2012 loss

Mining group Anglo American has fallen to a pre-tax loss in 2012, hit by lower commodity prices and a write-down on a key iron ore project.

It made a pre-tax loss of $239m (£154m) compared with a $10.8bn profit in 2011.

Last month, Anglo said it would write off $4bn (£2.5bn) after a review of its Minas-Rio project in Brazil.

Jeff Largey, Head of Metals and Mining Research at Macquarie Bank said the write off was expected but Anglo paid too much for it in 2008.