Anglo American progressed the structural overhaul of its portfolio throughout 2024, while maintaining solid financial returns from its copper and iron ore assets.
The diversified miner delivered $US27.2 billion ($42.6 billion) in revenue and $US8.4 billion in underlying earnings before interest, taxes, depreciation, and amortisation (EBITDA), results slightly down compared to the prior corresponding period.
Anglo also delivered $US.17 billion in attributable cash flow, a substantial increase from the $100 million recorded in 2023.
The company’s copper business brought in $US7.5 billion in revenue from 769,000 tonnes (t) of copper sold during 2024. A total of 773,000t were produced during the period.
The iron ore assets also performed well throughout the year, delivering $US6.5 billion from 60.9 million tonnes (Mt) sold while producing 60.8Mt.
“We are fast transforming Anglo American into a far higher margin and more valuable mining company focused on exceptional copper, premium iron ore and crop nutrients assets and significant growth optionality,” Anglo American chief executive officer Duncan Wanblad said.
“(The year) 2024 saw us transform our performance, with strong operational and cost delivery, $US1.3 billion of costs removed on a run rate basis in 2024 with a further $US0.5 billion to come by the end of 2025, and major progress with our portfolio simplification.”
Anglo has sold several of its steelmaking coal mines in Queensland to Peabody Energy for up to $US3.775 billion, its 33.3 per cent minority interest in Jellinbah Group to Zashvin for $US1.1 billion, and its nickel business to MMG Singapore Resources for $500 million.
The company is also expected to finalise the demerger of the Anglo American Platinum business by June 2025.
“The work to separate De Beers is well under way, with action taken to strengthen cash flow in the near term and position De Beers for long-term success and value realisation,” Wanblad said.
“Given prevailing diamond market conditions, we have reduced our carrying value of De Beers by $2.9 billion. In terms of growth, we are progressing our considerable pipeline of high quality options across our portfolio.
“This is well-sequenced and largely brownfield growth that makes best use of our proven technical and sustainability capabilities, our project delivery track record and our reputation as a responsible mining company.”
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