LONDON (Reuters) – Anglo American said on Thursday annual earnings rose 45 percent and net debt halved as the miner rebounded from a commodities slump and said it had become a fundamentally different business focused on productivity.
All the major miners have reported a recovery from the 2015-16 crash in commodities prices, announcing increased returns for shareholders and lower debt, while promising to avoid the spending sprees that piled on supplies and helped to end the last boom.
Anglo American and Glencore, which on Wednesday said its results were the strongest yet, saw their shares fall the furthest in the downturn and have rallied the most as commodity markets have recovered.
South African-focused Anglo received a further spur this year from expectations the country’s new President Cyril Ramaphosa, who replaced Jacob Zuma, will support the industry.
Anglo shares, which had outperformed rivals by rising more than 15 percent this year, slipped more than 4 percent as analysts said Thursday’s results missed some forecasts. In later trade they recovered to close around flat. Moody’s credit rating agency issued a statement saying Anglo American could be on track for an upgrade.