Anglo American sees increased net loss in 2015

Wednesday, 17 February 2016 11:42:22 (GMT+3)   |   Istanbul
       

UK-based mining giant Anglo American has issued its preliminary financial results for the full year of 2015, reporting a net loss amounting to $5.6 billion, increasing from a net loss of $2.5 billion in the previous year. In 2015, the company’s revenues decreased by 27 percent year on year to $23 billion. EBITDA was $4.85 billion, down 38 percent compared to 2014. 

In 2015, the company’s iron ore production from Anglo American's South African subsidiary Kumba Iron Ore amounted to 44.9 million mt, down 6.8 percent owing to mining constraints at Sishen, experienced largely in the second half, while its sales volume increased by 5.5 percent to 47.8 million mt, both year on year. Meanwhile, Anglo American's Brazil segment produced 9.2 million mt of iron ore, compared to 700,000 mt of iron ore in 2014.

The company stated that it will continue to focus on measures to sustainably improve cash flows and materially reduce net debt in the current year.

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