A poll of analysts by Reuters points to Anglo American earning about US$1.68 billion for the 2003 calendar year compared with US$1.75 billion in 2002.

With major operations in South Africa and Australia, Anglo American has been hit hard by the rising value of the rand and the Australian dollar.

"They've got platinum and gold assets, and you've got these commodities at multi-year highs, but they are being killed by the exchange rates," Nick Hatch, an analyst with Investec, told Reuters.

Xstrata's profit is also likely to be severely effected by currencies with analysts tipping a 13% fall to US$176 million. The outlook is much stronger thanks to rising contributions from the copper and coal assets which came with the 2003 MIM acquisition. MiningNews.net