Anglo American cut its interim dividend by more than half to 55 US cents.
- The mining giant reported a plunge in net profit of over $2.8 billion due to weaker prices and higher costs.
- Net profit fell to $1.9 billion, while revenue slowed 13% to $15.7 billion.
- Return on capital employed halved from 36% to 18%.
- Basic headline earnings per share fell 55.3%.
- Anglo’s product prices were down almost 20% on average.
- PGM basket prices decreased 29%, with rhodium and palladium prices falling 47% and 29%.
- Total PGM production fell 7% to 1.84 million ounces.
- On a copper equivalent basis, production volumes rose 10% driven by the new Quellaveco copper mine in Peru.
- Anglo is on track to meet its full-year production guidance across commodities.