Anglo American posts lower net profit for H1

Thursday, 30 July 2020 12:37:07 (GMT+3)   |   Istanbul

UK-based mining giant Anglo American has issued its financial results for the first half of the current year, reporting a net profit amounting to $471 million, decreasing by 75 percent from the first half of the previous year. Revenues for the period decreased by 16 percent year on year to $12.47 billion. EBITDA totaled $3.35 billion, down by 39 percent compared to the corresponding period of 2019. Anglo American's operating profit fell to $1.76 billion, decreasing by 47.2 percent year on year.

During the first half of the current year, the company's iron ore production at its South African subsidiary Kumba Iron Ore was 17.9 million mt, falling by 11 percent compared to the same period of the previous year, mainly due to lower workforce levels in response to the Covid-19 lockdown. Iron ore production at its Minas-Rio operations in Brazil amounted to 12.6 million mt, rising by 17 percent year on year, reflecting a continued strong performance, amid productivity initiatives.

Meanwhile, in the given period, Anglo American produced 7.8 million mt of metallurgical coal, down 22 percent year on year, due to two incidents underground that affected Moranbah and Grosvenor, as well as longwall moves at Grosvenor and Grasstree.

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