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 $1.29 billion, decreasing by nine percent from the first half of the previous year. Revenues for the period increased by 13 percent year on year to $13.69 billion. EBITDA was $4.57 billion, up 11 percent compared to the corresponding period of 2017. Anglo American's operating profit fell to $2.43 billion, decreasing by five 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 22.4 million mt, rising by three percent compared to the same period of the previous year. Iron ore production at its Minas-Rio operations in Brazil amounted to 3.2 million mt, falling by 64 percent year on year, primarily due to the suspension of operations from March, following two leaks in the iron ore pipeline.
Meanwhile, in the given period, Anglo American produced seven million mt of metallurgical coal, up 27 percent year on year, thanks to the ramp-up of Grosvenor mine and strong performance at Moranbah mine.