Tue, Feb. 16, 3:54 AM
- Anglo American (OTCPK:AAUKY) is targeting a more aggressive turnaround strategy after getting its debt rating cut to junk at Moody's and reporting a mega full-year loss that doubled to $5.62B in 2015.
- The company now plans to raise $3-$4B this year from disposals (including a 69.7% shareholding in Kumba Iron Ore), suspended its dividend, and sees a 25% Y/Y reduction in total capital expenditures.
Jul. 24, 2015, 7:57 AM
- Anglo American (OTCPK:AAUKF, OTCPK:AAUKY) reports a $3B loss for H1 and says it will cut 53K jobs, 35% of its workforce, over the next few years.
- Announcing underlying interim earnings were more than a third lower than last year but were better than expected, Anglo says it will suspend $1B of capital spending that had been planned by the end of next year.
- Results include a one-time $3.5B charge, including $2.9B from a writedown on the value of Anglo’s huge Minas Rio iron ore project in Brazil.
- The job cuts include a reduction of 6K jobs at overhead operations, including 4K jobs in corporate office operations, which the company says should result in $500M in cost savings.
- CEO Mark Cutifani says the miner aims to sell more assets to maintain a target of $3B in proceeds from disposals, but would not sell core assets to cover the dividend, which it maintains at $0.32/share - a move that was uncertain after its Kumba Iron Ore unit passed on its own dividend a few days ago.
- After receiving $1.6B earlier this month from the sale of its stake in building materials company Lafarge Tarmac, Anglo expects to raise another $1.4B from the sale of non-core assets including some copper, coal and platinum ones over the next couple of years.
- Anglo has suffered more than peers from the drop in metals prices, mostly due to higher-cost iron ore operations than its larger competitors and a platinum division afflicted by rising costs and falling prices.
Jul. 20, 2015, 9:19 AM
- Amplats (OTCPK:AGPPY) reports H1 earnings of R9.46/share, up from R0.60/share during the year-ago period and in line with the company's prior guidance, boosted in part by higher metal output.
- Amplats' H1 refined platinum production rose 35% to 820K oz., but low metals prices continue to present a challenge as platinum prices hit six-year lows; the company says some of the impact of low prices has been mitigated by the weaker South African rand, which fell to 14-year lows against the dollar in June.
- H1 revenue of 29.85 South African rand ($2.41B) rose 7.2% from the year-ago period, when Amplats was hit by a five month-long strike.
- Says it continues to pursue a sale or spinoff of its older Rustenburg and Union mines, but production at the open pit Mogalakwena mine rose to record levels.
Feb. 13, 2015, 8:49 AM
- Anglo American (OTCPK:AAUKF, OTCPK:AAUKY) reports a $2.51B net loss for FY 2014, worse than the $961M loss in the previous year, or revenue of $27.1B, down 7% Y/Y, as the miner was at the mercy of weak commodity prices.
- A major reason for the loss was a $3.5B writedown on its Minas Rio mining project in Brazil, after slashing the value of the project by $4B in 2012 as it fell three years behind schedule and costs shot up to more than $8B from earlier estimates of $2.7B.
- “It is going to be a tough one or two years,” CEO Mark Cutifani said on the earnings conference call. “The supply we’re seeing on the bulk side will weigh heavily on the markets,” referring to large volume commodities such as iron ore and coal.
- However, Anglo earned $4.9B EBIT in FY 2014, slightly ahead of analyst forecasts, as a slump in currencies in countries where it operates such as Australia, South Africa and Colombia provided a $1.3B lift to EBIT.
Jul. 25, 2014, 8:59 AM
- Anglo American (OTCPK:AAUKF, OTCPK:AAUKY) says its H1 net profit more than tripled to $1.46B vs. $403M in the impairment-weighed H1 of last year, but underlying operating profit fell 10% to $2.93B due to lower prices across most of its commodities and a 40% drop in platinum output from the five-month-long strike at its South African platinum operations.
- CEO Mark Cutifani says Anglo expects to raise $3B-$4B from assets disposals over the next two years, while stressing the company is "not in a fire sale mode."
- H1 return on capital slipped to 10% from 11% a year earlier, but Cutifani says he is more confident about hitting the company's 15% target by 2016 than a year ago.
- Says the long-delayed Brazilian Minas Rio project remains on track to ship its first iron ore by the end of 2014.
Feb. 14, 2014, 4:17 AM
- Anglo American (AAUKF) made its second consecutive net loss in 2014 after the mining company wrote down wrote down $1.9B in the value of assets as commodity demand continued to be soft.
- Still, net losses narrowed to $961M from $1.47B a year earlier but badly missed consensus for a profit of $2.01B.
- Underlying profit fell 7% to $2.7B, above analyst forecasts of $2.38B.
- Total revenue +1% to $33.06B.
- Net debt rose to $10.7B from $8.5B and could reach $15B by the end of 2014.
- Despite the loss, Anglo American maintained its dividend at $0.85 a share. (PR)
Jul. 26, 2013, 8:20 AM
Anglo American (AAUKF.PK, AAUKY.PK) reports H1 earnings of $1.9B (£1.2B), down 34% Y/Y, due to slowing Chinese demand for its coal, iron ore and precious metals, though losses were tempered by continued strong demand for diamonds. Consolidates 10 business units into six. Says it has started a process to secure an attractive value from the sale of a stake in its Minas Rio iron ore project.| Jul. 26, 2013, 8:20 AM
Jul. 27, 2012, 8:16 AM
Anglo American (AAUKY.PK) reported H1 profit fell 55% Y/Y to $2.94B on a 10% drop in revenues to $16.4B, sending shares down nearly 5% in London trading. Lower commodity prices and higher costs more than offset increased production. The miner says it is delaying rather than cancelling projects, cutting this year's capital expenditure plan to ~$5.4B from $7B.| Jul. 27, 2012, 8:16 AM