Anglo American posted $3 billion in profit from its main operations in the first half of 2025, driven by strong sales of copper and high-quality iron ore despite challenges in the diamond market and an ongoing portfolio repositioning. The Johannesburg Stock Exchange-listed company also reported impressive profit margins of 48% in copper and 44% in premium iron ore, highlighting the strength of its core businesses as it accelerates its transformation into a more profitable, future-focused mining company.

CEO Duncan Wanblad said on July 31 that the group is progressing well with its multi-billion-dollar transformation strategy. “We are delivering on our strategy. Our focus on copper, premium iron ore, and crop nutrients is unlocking material value for shareholders, with copper expected to contribute more than 60% of future EBITDA,” he said.

Despite subdued diamond trading conditions, Anglo American maintained a strong 43% EBITDA margin across its go-forward business, consistent with the prior period on a pro forma basis. The group has realised $1.3 billion of its $1.8 billion cost savings target by the end of June and sustained robust cash conversion at 108%, aided by reductions in working capital.

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The company’s portfolio simplification strategy made further progress during the period. In May, the company completed the demerger of its majority stake in Valterra Platinum, unlocking significant shareholder value while retaining a 19.9% interest valued at $2.6 billion. The group also reported that sales agreements for the steelmaking coal and nickel businesses are advancing, and preparations to separate De Beers are underway.

Although De Beers’ contribution was limited in the first half due to challenging market conditions, Wanblad said the business is being positioned for long-term value. Net debt stood at $10.8 billion, prior to expected cash inflows from asset sales.

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An interim dividend of $0.07 per share ($0.1 billion total) was declared, in line with the company’s 40% payout policy. This payout reflects the impact of discontinued operations and minimal contribution from De Beers.

Wanblad also addressed safety, reporting a further reduction in injury rates from 2024 but expressing regret over the loss of two colleagues in Brazil and Zimbabwe. “Safety remains our number one value. We are committed to zero harm and extend our condolences to the families, friends, and teams affected,” he said.

With a clear focus on copper, iron ore, and crop nutrients, Anglo American’s results reinforce confidence in the group’s long-term value proposition, despite 2025 being a transitional year. “Our clear and decisive actions are transforming Anglo American into a highly attractive and differentiated value proposition for the long term, offering strong cash generation to support sustainable shareholder returns combined with the capabilities and longstanding relationship networks to deliver our full value and growth potential,” Wanblad concluded.