Anglo American PLC on Friday reported a deep cut to its final dividend as the mining giant signalled progress on its plan to merge with Teck Resources Ltd, while the ongoing sale of coals and nickel assets pressed on.
The London-based diversified miner delivered a pretax profit from continuing operations of $883 million in 2025, swung from a loss of $1.36 billion in 2024.
Continuing operations includes Anglo American’s core businesses - copper, iron ore, Manganese and crop nutrients. Anglo American is discontinuing the steelmaking coal, nickel and platinum group metals businesses as part of its simplification strategy.
Anglo American used proceeds from the sale of its stake in Valterra Platinum Ltd to cut debt. Net debt on December 31 was $8.57 billion, down from $10.62 billion. Anglo American sealed the demerger of a 51% stake in Valterra Platinum last year.
Anglo American said it continues to secure key regulatory approvals for merger with Teck Resources. In September of last year, Anglo American and Teck Resources announced they had agreed to combine their respective businesses in what they billed as a ‘merger of equals’.
On Friday, Anglo American also said it continues to progress the sale of its steelmaking coal business, the agreed sale of its nickel business is moving through regulatory approval, and is progressing the separation of De Beers.
Anglo American continues to pursue a dual-track separation for De Beers and a structured sale process is under way. Anglo American indicated this month it is likely to sell De Beers to a public-private consortium, including the governments of African countries where it mines its diamonds.
Attributable loss for 2025 was $3.74 billion, widened from $3.07 billion in 2024, dragged down by discontinued operations, Anglo American said on Friday. Loss from discontinued operations was $2.47 billion, swung from profit of $188 million.
Revenue from continuing operations was $18.55 billion, up 5% from $17.75 billion. From continuing operations, underlying earnings before interest, taxes, depreciation and amortisation was up 2% to $6.42 billion from $6.32 billion.
Anglo American lowered final dividend by 27% to $0.16 from $0.22. It had been expected to cut final payout to $0.22 from originally stated $0.25. Total dividend for 2025 declined 64% to $0.23 from $0.64.
Loss per share from total operations was $3.30, widened from re-presented $2.53, while loss per share from continuing operations narrowed to $1.05 from $2.61.
‘2025 was a transformational year for Anglo American as we progressed our portfolio simplification and set the course for the future of our company by agreeing to merge with Teck to form a global critical minerals champion as Anglo Teck,’ Anglo American Chief Executive Officer Duncan Wanblad said.
‘In parallel, we continued to accelerate delivery of our own strategic priorities of operational excellence, portfolio optimisation and growth, making great strides during the year and unlocking material value for our shareholders,’ Wanblad said.
Anglo American expects copper production to rise to between 700,000 tonnes and 760,000 in 2026, up to between 750,000 tonnes and 810,000 in 2027, and up to between 790,000 tonnes and 850,000 in 2028.
It projects iron ore production at between 55 million tonnes and 59 million in 2026, revised up from 54 million to 58 million tonnes predicted previously. Output is seen rising to between 59 million tonnes and 63 million in 2027 and to between 58 million tonnes and 62 million in 2028.
Shares in Anglo American were up 1.0% at 3,614.00 pence each on Friday morning in London. In Johannesburg, they rose 1.3% to R 779.04.
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