Anglo American stated on Thursday it’ll evaluate its belongings after posting a 94% plunge in its annual revenue harm by weak costs and better prices in diamonds, platinum, nickel and iron ore.
The miner introduced a $1.6 billion impairment cost on its De Beers diamond enterprise owing to faltering demand, and one other impairment of $500 million at its Barro Alto nickel mine, which has been affected by the slowdown in demand from the electrical car sector.
“We at the moment are in a technique of systematically going by all of our belongings in a evaluate simply to evaluate their position within the portfolio, their success within the portfolio, and completely nothing is off the desk in respect of that evaluate,” CEO Duncan Wanblad stated.
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The evaluate is anticipated to take round one yr, he informed reporters.
The London-listed miner’s 2023 revenue attributable to shareholders fell to $283 million from $4.5 billion a yr earlier.
Anglo declared a full-year shareholder payout of $0.96 per share, totalling $500 million, down from $1.98.
Internet debt swelled to $10.6 billion in 2023, from $6.9 billion the prior interval, barely decrease than analysts’ consensus at $10.93 billion.
The worldwide miner, which additionally produces copper, joined most of its rivals in reporting decrease full-year earnings and shareholder dividends. However cuts at a few of its companies have been extra excessive.
Each its South African unit Kumba Iron Ore and Anglo American Platinum earlier this week introduced plans to chop greater than 4 000 jobs and evaluate agreements with a mixed 780 contractors.
Anglo had already introduced $1.8 billion of spending cuts by 2026 after earlier logging a $1.7 billion writedown on its mission to supply fertiliser vitamins in Britain.
