30th Jul 2026 08:46
(Alliance News) - Anglo American PLC on Thursday reported a narrowed half-year loss, as discontinued operations, including diamond miner De Beers, and a substantial tax charge kept the miner in the red.
The London-based diversified miner suffered an attributable loss from total operations of USD858 million for the six months that ended June 30, though this was narrowed from a USD1.88 billion loss a year before.
Net profit from continuing operations was USD856 million, down 5.7% from USD905 million. But loss from discontinued operations narrowed to USD1.16 billion from USD2.27 billion.
Continuing operations includes Anglo American's core businesses - copper, iron ore, manganese and crop nutrients. Anglo American is discontinuing the steelmaking coal, nickel and platinum group metals businesses as part of its simplification strategy.
Anglo American has agreed to sell its steelmaking coal business to Dhilmar Ltd for up to USD3.87 billion. It continues to work through the European Commission's anti-trust approval process for the sale of its nickel business, and it also is advancing the disposal of De Beers, Anglo American Chief Executive Officer Duncan Wanblad said on Thursday.
Pretax profit from continuing operations surged 56% to USD2.27 billion from USD1.46 billion.
Shares in Anglo American were up 1.0% to ZAR808.09 on Thursday morning in Johannesburg. They were up 0.1% to 3,604.00 pence in London.
Revenue from continuing operations rose 11% to USD9.93 billion in the recent half-year from USD8.95 billion a year before, lifting underlying earnings before interest, tax, depreciation and amortisation from continuing operations to USD4.00 billion, up 35% from USD2.96 billion.
Anglo American booked an income tax expense of USD1.41 billion, compared to USD551 million a year before.
The diversified mining group declared an interim dividend of USD0.23, up sharply from USD0.07 last year.
Basic earnings per share from continuing operations fell 30% to USD0.28 from USD0.40. Basic loss per share from total operations shrank to USD0.80 from USD1.58.
"On the back of our robust operational and financial performance in the first half of the year, we have every confidence that we are making the right choices in terms of realising full value from our portfolio, both now and looking towards completion of our compelling combination with Teck," Anglo American's Wanblad said.
Anglo American has said its merger with Teck Resources Ltd is on track, with the expected completion window of September this year to March next year unchanged.
In September last year, Anglo American and Teck said they agreed to combine their respective businesses in what they bill as a "merger of equals" to form Anglo Teck.
Looking ahead, Anglo American kept its annual copper production guidance of between 700,000 tonnes and 760,000 in 2026, up from 695,000 tonnes in 2025.
Premium iron ore guidance also remains unchanged at between 55 million and 59 million tonnes in 2026, down from 60.8 million tonnes in 2025.
By Artwell Dlamini, Alliance News senior reporter South Africa
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