Anglo American FY boosted by higher prices

Anglo American on Thursday reported a 4% rise in underlying EBITDA to $9.2bn driven by strong prices, particularly platinum group metals, thermal and metallurgical coal and nickel, as well as productivity improvements and cost control.

The company said hit took a $600m hit from the suspension of operations at it giant Minas Rio iron ore mine in Brazil. Production is due to resume by the end of the year.

Production increased by 6% on a copper equivalent basis, excluding the impact of the stoppage at Minas-Rio, primarily driven by continued strong performances in copper, metallurgical coal and De Beers, as well as improved production at platinum group metals.

This was partly offset by curtailed production at Kumba Iron Ore as a result of third-party rail constraints.

Net debt was reduced by 37% to $2.8bn and a final dividend of 51 cents a share was declared.