Anglo American plc (AAL) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Well, good morning, everybody, for those of you I haven't spoken to in person. Welcome, and thanks for joining us again today. So a pretty busy first half, following on from a pretty busy last year, but a very exciting one nonetheless for us, and I think definitely marking the transition as we deliver this accelerated strategy for Anglo-American. On a go-forward business in both copper and iron ore, I think we continue to deliver excellent operational performance, which is building now on the groundwork that we laid over two years ago. This focus on operational excellence is by and large driving stable and cost-effective production. In a world that is just getting more and more complex with some unprecedented volatility, it is more important than ever that we remain focused on what we can control, which includes driving operational excellence to get the most out of our business. I really am very pleased to say that completing the first and the biggest component of our portfolio simplification, which was the demerger of Valterra, has been really successful, unlocking material value for all of our shareholders. It took a tremendous effort from both the Anglo and the Valterra teams, and this was a really big step forwards towards the goal of becoming a focused, high-quality copper company. and premium iron ore producer with substantial growth options. We're going to talk a little bit later today about the coal transaction with Peabody. But regardless of the outcome of this specific deal, the portfolio simplification is progressing well, and we continue to work incredibly hard to unlock what we believe remains substantial inherent value within this company. The new Anglo-American provides an exceptionally high quality base and sets us up to benefit from high return growt...