Highlights

  • Anglo American reports softer H1FY25 revenue and earnings amid weaker copper and diamond volumes.
  • Interim dividend of US 7.0 cents per share was paid on September 30, 2025.
  • Group production outlook lifted, supported by increased Minas-Rio guidance and stable Kumba contribution.

Anglo American PLC (LSE:AAL), a FTSE 250 miner, focuses on copper, premium iron ore, and crop nutrients, with key copper assets including Collahuasi, Los Bronces, El Soldado, and the Quellaveco mine in Peru.

On September 15, 2025, the company declared an interim dividend of USD 7.0 cents per share, which was distributed to shareholders on September 30, 2025.

Financial Performance of AAL

For the first half of financial year 2025 (H1FY25), the company reported net revenue of USD 8,954 million, which is a decline of 6.6% year-on-year compared to USD 9,584 million in H1 FY24. During the reported period, underlying EBITDA dropped to USD 2,955 million, marking a 19.5% decrease from the previous year's USD 3,672 million.

Underlying earnings from continuing operations also saw a significant drop of 55.1% to USD 387 million from USD 861 million the prior year. The decline in revenue is attributed to lower volumes at Copper Chile and De Beers, though this was partially offset by a 2% increase in iron ore volumes and a marginally softer group basket price. The substantial reduction in earnings was primarily due to lower EBITDA and a higher effective tax rate, which increased to 48.7% from 44.1%, thereby limiting recovery.

Company Outlook

The company's production target has been raised to 58–62 Mt, up from the previous 57–61 Mt, driven largely by Minas-Rio, which now aims for 23–25 Mt, up from 22–24 Mt. Kumba's target remains unchanged at 35–37 Mt, and unit cost guidance stays at around USD 36/t (Kumba USD 39/t, Minas-Rio USD 32/t), subject to third-party rail and port performance. Iron ore production reached 14.3 Mt, a 9% year-on-year decrease, and sales were 14.4 Mt, down 5% year-on-year. Kumba's output was stable at 9.25 Mt, while sales increased slightly to 9.39 Mt. Minas-Rio produced 5.10 Mt, a 19% year-on-year drop, due to planned pipeline inspection. Manganese ore production surged by 140% to 973 kt, with sales up 162% to 1,030 kt as operations normalized. De Beers’ carat production rose by 38% to 7.7 million carats, with 2025 guidance holding steady at 20–23 million carats and a unit cost around USD 94 per carat.

Top 10 Shareholders

The top 10 shareholders account for around 39.57% of total ownership. Public Investment Corporation (SOC) Limited holds about 6.99%, while BlackRock Investment Management (UK) Ltd. holds roughly 6.35%.

Stock Information

The stock price has advanced by approximately 28.17% over the past three months and by about 31.27% across the last six months. It remains positioned above the midpoint of its 52-week trading band, which ranges from GBX 1,641.518 to GBX 3,008.000.

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels is 19 November 2025. The reference data in this report has been partly sourced from EODHD/Others.

Technical Indicators Defined

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Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.