Anglo American plc (AAL) Q2 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:04.816 Well, good morning, everybody, for those of you I haven't spoken to in person. 00:00:04.816 -- 00:00:07.720 Welcome, and thanks for joining us again today. 00:00:07.720 -- 00:00:13.086 So a pretty busy first half, following on from a pretty busy last year, 00:00:13.086 -- 00:00:19.113 but a very exciting one nonetheless for us, and I think definitely marking the transition 00:00:19.113 -- 00:00:23.017 as we deliver this accelerated strategy for Anglo-American. 00:00:23.017 -- 00:00:28.132 On a go-forward business in both copper and iron ore, I think we 00:00:28.132 -- 00:00:32.356 continue to deliver excellent operational performance, which is building now on the groundwork 00:00:32.356 -- 00:00:37.481 that we laid over two years ago. This focus on operational excellence is 00:00:37.481 -- 00:00:42.025 by and large driving stable and cost-effective production. 00:00:42.025 -- 00:00:47.810 In a world that is just getting more and more complex with some unprecedented volatility, 00:00:47.810 -- 00:00:53.274 it is more important than ever that we remain focused on what we can control, 00:00:53.274 -- 00:00:58.334 which includes driving operational excellence to get the most out of our business. 00:00:58.334 -- 00:01:03.342 I really am very pleased to say that completing the first and the biggest component 00:01:03.342 -- 00:01:08.590 of our portfolio simplification, which was the demerger of Valterra, has been really 00:01:08.590 -- 00:01:14.239 successful, unlocking material value for all of our shareholders. 00:01:14.239 -- 00:01:19.006 It took a tremendous effort from both the Anglo and the Valterra teams, and this was 00:01:19.006 -- 00:01:24.254 a really big step forwards towards the goal of becoming a focused, high-quality 00:01...