Anglo American first-half loss shrinks, raises dividend as Teck merger awaits approval
Financial Performance and Strategic Developments
By Clara Denina and Olivia Kumwenda-Mtambo
First-Half Financial Results
LONDON, July 30 (Reuters) - Anglo American on Thursday said its loss for the first six months of the year more than halved, raised its dividend and said it continued to make progress with a sweeping overhaul of the company and its proposed merger with Teck Resources.
Restructuring and Business Overhaul
The restructuring has so far yielded one major completed transaction, the 2025 demerger of its South African platinum business, while exits from coal and nickel and the planned sale of diamonds unit De Beers remain under way. The miner's $53 billion all-stock merger with Teck is awaiting final approval from China.
Losses and Earnings Breakdown
It posted an $858 million loss for the first half, compared to a $1.9 billion loss in the same period a year ago, mostly due to a writedown on the steelmaking coal business ahead of its agreed sale.
Core earnings or EBITDA came in at $4.0 billion, slightly above the $3.9 billion expected by analysts.
Leadership and Ongoing Transactions
CEO Duncan Wanblad, who has been streamlining the company's operations since rebuffing a takeover approach from BHP in 2024, said the firm was working through the European Commission's antitrust approval process for the sale of its nickel business, while also advancing the De Beers sale process.
Dividend Update
The company declared an interim dividend of $0.23 per share, up from $0.07 a year earlier but missing a consensus estimate of $0.27.
(Reporting by Clara Denina and Olivia Kumwenda-Mtambo; Editing by Louise Heavens and Edwina Gibbs)
