Anglo American plc (AAL) Q2 2024 Earnings Call

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Replay transcript excerpt

WEBVTT 00:00:00.031 -- 00:00:05.296 Okay, good morning everybody. I think it's just on the hour, so 00:00:05.296 -- 00:00:09.499 we'll start. And welcome to you all. 00:00:09.499 -- 00:00:14.524 It's been a pretty busy half, and I'm pleased to say through all of that we've delivered 00:00:14.524 -- 00:00:19.828 a very strong result. Despite prices falling for us by 10% for the basket 00:00:19.828 -- 00:00:24.713 of the commodities that we produce, the revised plans that we put in place have delivered 00:00:24.713 -- 00:00:29.427 an excellent performance, especially in our copper and iron ore businesses. 00:00:29.427 -- 00:00:33.495 This, alongside some very, very good cost control, 00:00:33.495 -- 00:00:39.768 delivering significant progress on our cost-out targets, has led to an EBITDA of $5 billion. 00:00:39.768 -- 00:00:44.236 That was down just 3% on half one of last year. 00:00:44.236 -- 00:00:49.390 John will unpack that a bit later, however, The focus is now absolutely unchanged 00:00:49.390 -- 00:00:54.278 and squarely on those three key strategic priorities that I laid out for you all back 00:00:54.278 -- 00:00:59.506 in February of this year, which is operational excellence, portfolio simplification, 00:00:59.506 -- 00:01:01.330 and growth. 00:01:01.330 -- 00:01:06.455 Building on the reset of many of our mine plans of last year, 00:01:10.282 -- 00:01:14.868 The first half of this year. And I'm going to start there and talk a little bit about 00:01:14.868 -- 00:01:20.415 how that translated into the half one financial performance before moving into 00:01:20.415 -- 00:01:24.598 portfolio restructure and growth. 00:01:27.043 -- 00:01:30.888 So the first priority, operational excellence, 00:01:30.888 -- 00:01:33.692 has to be in safety. 00:01:33.692 -- 00:01:4...