Business
Anglo American half year financial report 2024
Anglo American half year financial report 2024.
About this update from Anglo American Plc
[{"type":"text","content":"\n\nClick on, or paste the following link into your web browser, to view the associated PDF document.\nhttp://www.rns-pdf.londonstockexchange.com/rns/7377X_1-2024-7-24.pdf \n\n\n25 July 2024\nAnglo American Interim Results 2024\nStrong operational performance delivers $5.0 billion of underlying EBITDA\n• Underlying EBITDA* of $5.0 billion: improved cost performance largely offset a 10% lower product basket price\n• Copper and Iron Ore performance and margins particularly strong, contributing $3.5 billion of EBITDA\n• Unit costs improved by 4%, reflecting weaker currencies, operational improvements and effective cost control\n• $0.7 billion loss attributable to equity shareholders, impacted by a $1.6 billion impairment of Woodsmith due to the decision to slowdown the project's development\n• Net debt* of $11.1 billion, with leverage steady at 1.1x annualised EBITDA\n• On track to reduce annual costs by c.$1.7 billion and reduce capex by c.$1.6 billion over 2024-26\n• $0.5 billion interim dividend, equal to $0.42 per share, consistent with 40% payout policy\n\nDuncan Wanblad, Chief Executive of Anglo American, said: \"I am very encouraged by a strong operational performance that delivered steady volumes and a 4% improvement in unit costs, while still facing weak cyclical markets for PGMs and diamonds. We are on track to reduce our annual run rate costs by $1.7 billion and reduce capital spend by $1.6 billion over the 2024-2026 period. We are moving at pace to create a much more agile and structurally profitable mining company focused on our exceptional quality Copper and Premium Iron Ore businesses, which both continue to perform very strongly, while maintaining our growth optionality in crop nutrients. We are committed to completing the key elements of this transformation by the end of 2025, creating a simpler, highly valued mining company with extensive growth options and considerable strategic flexibility.\n\"In the first six months of this year, I am very sad to report that we lost two colleagues who died in an accident at our Amandelbult PGMs mine in South Africa. We offer our deepest condolences to their families, friends and colleagues. We are absolutely committed to workforc...