Anglo American profits plunge as miners come under pressure

Anglo American has become the latest mining group to report a sharp drop in earnings and shareholder payouts as waning demand for commodities and cost pressures squeeze margins. The FTSE 100 miner on Thursday reported a 28 per cent drop in underlying earnings before interest, tax, depreciation and amortisation to $8.7bn in the first six months of the year compared with the same period a year earlier, on revenues of $18.1bn. Anglo American blamed the drop in earnings on tight labour driven by Covid-19 absenteeism, supply chain disruptions, extreme weather and inflationary pressures.

By Matt Earle

Matthew Earle is the Founder of MiningFeeds. In 2005, Matt founded MiningNerds.com to provide data and information to the mining investment community. This site was merged with Highgrade Review to form MiningFeeds. Matt has a B.Sc. degree with a minor in geology from the University of Toronto.

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