Anglo American has reported a loss of $1.88bn at the halfway stage of its financial year as the group continues its restructuring to focus on copper and iron ore.
Revenue from continuing operations declined 7% to $8.95bn. Its loss per share widened to $1.58 from $0.55 a year ago. A dividend of 7c per share was declared.
Underlying earnings before interest, tax, depreciation and amortisation (ebitda) from continuing operations decreased 20% to $3bn, largely driven by $500m lower earnings from De Beers due to continuing challenging rough diamond trading conditions and the group’s focus on cost discipline, CEO Duncan Wanblad said.
“While 2025 is very much a year of transition, we maintained a strong ebitda margin for our go-forward business at 43% (consistent with the prior period, on a pro forma basis) compared with our current overall margin position of 32% from continuing operations (2024: 37%),” he said.
Wanblad said the group had made further good progress towards its simplified portfolio.
“In May, we completed the demerger of the majority of our interest in Valterra Platinum to our shareholders and we expect to monetise our residual 19.9% interest — currently valued at $2.6bn — responsibly over time,” he said.
Anglo also continued to progress the agreed steelmaking coal and nickel business sale transactions.
“We expect a material strengthening of our balance sheet flexibility upon receipt of proceeds from these transactions. The work to separate De Beers is well under way, with action taken to strengthen cash flow as we position De Beers for long-term success and value realisation,” he said.
At De Beers, the continued production response to the prolonged period of lower demand and higher than normal levels of inventory in the midstream affected production in the period, Anglo said.
“By focusing on our exceptional copper, premium iron ore and crop nutrients resource endowments, each with significant value-accretive growth options, we are unlocking material value for our shareholders by delivering the see-through value of our portfolio, in which we expect copper to account for more than 60% of ebitda,” Wanblad said.
The group reported strong production and cost performance, with ebitda margins of 48% in copper and 44% in premium iron ore.
The group was on track to deliver $1.8bn of cost savings, with $1.3bn realised by the end of June, it said.
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