Record £7bn profit from Anglo American

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In addition to the 14% increase in operating profits, Anglo boss Cynthia Carroll cheered the market with an upbeat assessment of her group's prospects this year, "despite short-term uncertainty persisting in the global market".

The company's profits were propelled by a 42% hike in the price of metallurgical coal, used in steelmaking, during the year, and a 39% increase in thermal coal, which is used in power plants.

Anglo, which reported an 11% rise in revenues to $36.5 billion for the year, also benefited from a 26% rise in the price of iron ore. However, Anglo's copper division saw a 13% decline in operating profit, as the miner was hit by a double-whammy of falling sales volumes and higher costs.

Carroll said she anticipated the rapid "catch-up" in living standards and huge infrastructure building programmes in China and India to continue to fuel demand and, in turn, prices.

"We expect sustained growth in the emerging economies, notably in China and India, which will underpin robust demand for commodities, supplemented by recovery signs in the US," she added.

"Continuing industrialisation and urbanisation and the considerable scope for the convergence of living standards, combined with long-term supply constraints, present an attractive proposition across our unique portfolio of early, mid and late development cycle commodities.