Anglo American (LSE:AAL) delivered a modest increase in underlying EBITDA from continuing operations to $6.4 billion in 2025, supported by solid production performance, disciplined cost management and strong margins in copper and premium iron ore. The group achieved $1.8 billion in annualised cost savings and reduced net debt to $8.6 billion, reflecting improved cash generation and tighter capital allocation.
Despite these operational improvements, the company reported a $3.7 billion loss attributable to shareholders. The headline deficit was driven primarily by a $2.3 billion impairment at De Beers. At the same time, Anglo American is progressing with the disposal of its steelmaking coal, nickel and platinum businesses, while pursuing regulatory clearances for its proposed merger with Teck. The combination is expected to materially increase its copper exposure and reposition the group more firmly within the global critical minerals landscape.
In addition to financial updates, the miner reported further advances in safety performance, lower greenhouse gas emissions and reduced freshwater usage, with most environmental and diversity objectives described as on track. The board upheld its 40% payout framework, declaring $0.2 billion in dividends, albeit at a lower per-share level than previous periods. Management characterised 2025 as a pivotal year focused on reshaping the portfolio, strengthening the balance sheet and laying foundations for long-term value creation through a more concentrated, growth-oriented asset mix.
From a market perspective, sentiment is supported by positive technical momentum and the strategic implications of the Teck transaction. However, the negative earnings profile and relatively modest dividend yield weigh on valuation metrics, tempering the overall outlook despite progress on strategic objectives.
More about Anglo American
Anglo American is a diversified global mining company with core operations spanning copper, premium iron ore, manganese and crop nutrients. De Beers remains part of continuing operations under current accounting treatment. The group is actively repositioning toward critical minerals, with its proposed merger with Canada’s Teck intended to create a copper-focused mining leader positioned to benefit from long-term electrification and decarbonisation trends.
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