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Investing.com -- Anglo American (JO:AGLJ) (LON:AAL) on Thursday reported a 20% drop in underlying earnings to $3 billion in the first half of 2025, down from $3.7 billion a year earlier, as weaker rough diamond demand and lower copper production weighed on results. The group’s EBITDA margin narrowed to 32% from 37%.
The decline was led by De Beers, which posted a $189 million loss compared with a $30 million profit in the first half of 2024.
Diamond production dropped 23% to 10.2 million carats, while rough diamond sales volumes fell 13%.
The average realised price slipped 5% to $155 per carat. Unit costs rose to $87 per carat from $85.
Copper EBITDA dropped 14% to $1.76 billion. Production fell 13%, reflecting lower grades and water restrictions in Chile.
Output from Chile declined 25%, while Quellaveco in Peru increased production by 6%. Iron ore EBITDA held steady at $1.41 billion, with a 2% rise in overall production.
Minas-Rio in Brazil increased output by 7%, offsetting a 2% decline at Kumba in South Africa.
Group revenue from continuing operations stood at $8.95 billion. Underlying earnings per share fell to $0.32 from $0.64.
Anglo American maintained its interim dividend at $0.07 per share, or $0.1 billion, in line with its 40% payout policy.
Return on capital employed fell to 9% from 12%. Net debt rose marginally to $10.8 billion from $10.6 billion at year-end.
Operating cash flow declined to $3.3 billion from $4 billion. Capital expenditure fell to $1.6 billion from $2.1 billion.
Free cash flow from continuing operations increased to $322 million from $214 million.
The group said it achieved $0.3 billion in cost savings in the period and is on track to deliver $0.5 billion in total by year-end.
The British mining company completed the demerger of Valterra Platinum and said asset sales in its simplification strategy remain underway.
Tax and royalty payments fell to $1.99 billion from $2.48 billion. Local procurement spending was $5.1 billion, down from $6.2 billion.
Safety performance included two work-related fatalities, one in Brazil and one in Zimbabwe.
The total recordable injury frequency rate improved to 1.20 per million hours worked from 1.69. Occupational disease cases fell to four from nine.
Production guidance for 2025 remains unchanged. Copper is expected at 380,000–410,000 tonnes in Chile and 310,000–340,000 tonnes in Peru.
Iron ore guidance is 35–37 million tonnes for Kumba and similar for Minas-Rio. De Beers expects diamond production of 20–23 million carats.