- Write by:
-
Friday, February 25, 2022 - 12:47:09
-
905 Visit
-
Print
Mining News Pro - Anglo American (LON: AAL) joined a growing list of miners that have delivered record profits this week, with full year earnings of $20.6 billion and a $2.1 billion final dividend, on the back of soaring commodity prices.
“These are clearly the strongest results we have ever posted,” outgoing chief executive Mark Cutifani told reporters.
“Prices have been very much driven by supply struggling to keep up with that demand. And I think that will probably be with us for another year or two,” he added.
Cutifani will retire at the company’s annual shareholder meeting in April but will remain at the company until June to support the management transition. He’s handing the reins to Duncan Wanblad, Anglo’s current director of strategy and business development.
Iron ore, one of Anglo’s main commodities, soared past $230 a tonne last year, while copper hit $10,500 a tonne.
Net debt was reduced to $3.8 billion by the end of 2021 from $5.5 billion a year earlier while capital expenditure went up by 48% to $565 million as spending on projects deferred in 2020 because of the coronavirus pandemic.
Since 2017, Anglo has returned $12.2 billion to shareholders and invested $18 billion in growing the business.
The company’s results are the last of an earnings season in which rival miners Rio Tinto (ASX, LON: RIO) BHP (ASX: BHP) and Antofagasta (LON: ANTO) also posted record results and dividends.
Quellaveco and Ukraine
Anglo American said its giant Quellaveco copper project in Peru was on track to begin production in mid-2022. It expects the asset to generate between 120,000 and 160,000 tonnes of copper this year, and 300,000 tonnes per year for the first 10 years at full production.
Quellaveco copper project is one of the few sizable ones in the pipeline in an industry hunting for more of the metal, used in solar panels and electric vehicles, as the world transitions to a greener economy
Asked about Russia’s invasion of Ukraine, chief financial officer Stephen Pearce said he was watching the situation closely.
Russia is a big producer of diamonds, copper, nickel and platinum, and any sanctions imposed could have a big impact on those markets.
“We don’t have a direct exposure,” he said. “It’s really around how product flows.”
Short Link:
https://www.miningnews.ir/En/News/620761
Top copper producer Codelco reported a decline in quarterly output due to lower quality ore at its aging Chilean mines — ...
Brazil’s Corumba region could more than double iron ore shipments through neighboring Uruguay this year if there is ...
When former boss Mark Cutifani left Anglo American Plc in mid-April 2022, things had rarely looked better for the ...
Chile President Gabriel Boric said on Thursday he is targeting an increase in the country’s annual copper output by 1 ...
Brazilian miner Vale SA sees no impact from BHP Group’s bid for Anglo American on the latter’s Minas-Rio project, its ...
Copper miner Antofagasta Plc is holding meetings with investors this week for its first dollar bond offering in nearly ...
Iron ore futures were poised for a third straight weekly rise as prices largely consolidated gains on Friday, with ...
Copper needs to reach $12,000 a ton — a 20% jump from this week’s high — to incentivize large-scale investments in new ...
Teck Resources, Canada’s largest diversified miner, saw its copper production jump by 74% in the first three months of ...
No comments have been posted yet ...