Anglo American Sees Transformation on Track After Net Loss Narrows

By Adria Calatayud

Anglo American reported a narrowed net loss for the first half, due to smaller write-downs on assets it is selling, and said it is on track to deliver the next phase of its transformation.

The U.K. mining group, which is in the process of merging with Canada's Teck Resources, said Thursday that its net loss for the first half was $858 million compared with a loss of $1.88 billion for the same period last year.

The company said the result was hit by a write-down on its steelmaking-coal business to reflect the terms of a sale agreement reached earlier this year.

Anglo American is in the midst of a major shake-up of its portfolio that began after it rebuffed a nearly $50 billion hostile takeover bid from bigger rival BHP in 2024. It spun off its platinum business into Valterra Platinum and struck deals to sell its steelmaking-coal and nickel businesses.

A sale process for diamonds business De Beers is advancing, Anglo American Chief Executive Duncan Wanblad said.

Underlying earnings before earnings before interest, taxes, depreciation and amortization --the company's preferred profit metric--jumped 35% to $4 billion. Analysts polled by Visible Alpha had forecast $3.66 billion.

Revenue rose 11% to $9.93 billion.

Write to Adria Calatayud at adria.calatayud@wsj.com

(END) Dow Jones Newswires

July 30, 2026 02:42 ET (06:42 GMT)