Anglo American has reported a strong first half of 2026, with continued progress on its portfolio transformation strategy helping deliver a 35 per cent increase in underlying earnings to $US4 billion ($5.6 billion).
The company said its focus on building a higher-margin, higher-quality business centred on copper, premium iron ore and crop nutrients is progressing, with several major strategic milestones achieved during the period.
Chief executive officer Duncan Wanblad said the company was unlocking the potential of a simplified portfolio while preparing for its proposed merger with Teck Resources.
“We are unlocking the full potential of Anglo American – anchored in copper, premium iron ore and crop nutrients – with a focus on delivering material value for our shareholders,” Wanblad said in a statement.
A key development, as reported in the company’s interim results for 2026, was the agreed sale of Anglo American’s steelmaking coal business to Dhilmar for up to $5.5 billion.
The company is also progressing the sale of De Beers, while continuing work to improve the diamond business’s cost performance and reduce capital expenditure amid challenging market conditions.
Operational performance from continuing operations remained strong, supported by cost discipline and favourable copper prices. Copper was a major contributor, generating underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) of $4.1 billion with a margin of 60 per cent.
Anglo American reported revenue of $14.08 billion for the six months to 30 June 2026, while attributable free cash flow increased to $1.1 billion, up from $458 million in the prior corresponding period.
The company reduced net debt to $11.6 billion, improving its net debt to underlying EBITDA ratio to 1.0 times.
Integration planning for the proposed Anglo Teck merger is well advanced, with completion targeted within the original September 2026–March 2027 timeframe.
Anglo American said the merger would create a global metals and minerals company, with the combined business expected to benefit from increased scale and identified synergies.