Anglo American chairman Sir John Parker has bought £97,000 worth of shares in the mining giant but this did nothing to stop the share price sliding further after last week's results and deal with Lafarge.
Sir John bought 3,000 shares at £32.38 each on Monday but the share price closed at £31.85.
Anglo American is merging its UK cement, aggregates and ready-mixed concrete business Tarmac with French giant Lafarge's UK operations - this is a 50:50 joint venture. The combined sales of the two businesses in 2010 were £1.8bn and earnings before interest, tax, depreciation and amortisation (EBITDA) was £210m.
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Anglo American almost doubled profits in 2010 thanks to surging metals prices. Underlying earnings jumped to $4.98bn last year from $2.57bn in 2009 on revenue up 34% to $32.93bn. Profit before tax rose 171% to $10.93bn and underlying earnings per share of $4.13 was better than expected.
A final dividend of 40 cents a share took the total payout to 65 cents.
Top Director Buys
Reconstruction Capital II Ltd. (RC2) Director name: Mr Ion Alexander FlorescuAmount purchased: 300,000 @ €0.62 Value: €187,500
Anglo American (AAL) Director name: Sir John ParkerAmount purchased: 3,000 @ 3,238.00p Value: £97,140
AdEPT Telecom (ADT) Director name: Mr Dusan LukicAmount purchased: 25,000 @ 40.00p Value: £10,000
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