Anglo American Reduces Net Debt in H1

Finance and Trade
25/08/2016 07:49

Mining giant Anglo American, which owns 85 percent of De Beers, has narrowed its half-year loss as it pushes to keep cutting costs in response to “sharply” lower commodity prices. The global miner reported a loss attributable to shareholders of $813 million in the six months to June 30, compared with a loss of $3.02 billion in the corresponding period a year earlier. The firm has been battered this year by plunging commodity prices.

Group revenue fell 20 percent to $10.6 billion in the half, from $13.3 billion in the prior corresponding period. “Sharply lower prices across our products were mitigated by our self-help actions on costs, volumes, working capital and capital expenditure,” said CEO Mark Cutifani. The company aims to reduce net debt to below $10bn by the end of 2016.