31st Jul 2025 07:51
(Alliance News) - Anglo American PLC on Thursday slashed its interim dividend as rough diamond business De Beers continued to underperform, at the time when the diversified miner is simplifying its business with De Beers one of the operations set to be spun off.
For the first half of 2025, the London-based diversified miner reported pretax profit from continuing operations of USD1.46 billion, multiplied from USD504 million a year earlier. But adjusted pretax profit, before special items, fell 33% to USD1.55 billion from USD2.33 billion.
Continuing operations includes iron ore, copper, crop nutrients and De Beers, whereas discontinued operations incorporate the platinum, steelmaking coal and nickel businesses.
Anglo American has demerged Valterra Platinum Ltd, formerly called Anglo American Platinum Ltd. It is in the process of selling its steelmaking coal and nickel businesses.
For the first half, revenue from continuing operations was USD8.95 billion, up 6.5% from USD9.58 billion a year before. But underlying earnings before interest, tax, depreciation and amortisation dropped 20% to USD2.96 billion from USD3.67 billion, reflecting challenging rough diamond trading conditions.
Anglo American cut its interim dividend to 7 US cents from 42 US cents, owing to negative earnings from discontinued operations and lack of contribution from De Beers.
Loss per share from total operations for the first half widened to 1.58 cents from 0.55 cents.
"I am delighted that the first half saw our continued strong operational and cost performance in copper and iron ore, coupled with further momentum towards our committed USD1.8 billion of cost savings," Anglo American Chief Executive Officer Duncan Wanblad said.
Wanblad said the company has made "further good progress" towards its simplified portfolio.
The work to separate De Beers is well under way, with action taken to strengthen cash flow, he said.
By Artwell Dlamini, Alliance News senior reporter South Africa
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