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Global mining giant Anglo American announced on February 22 that it would review its assets and take write-downs on its diamond and nickel businesses, Reuters reported, citing from the company.
The London-listed company previously posted a 94% plunge in annual profits affected by weak diamond, platinum and iron ore prices and persistently rising costs.
Anglo American is in the progress of systematically reviewing all of its assets to evaluate their role in the portfolio, said Duncan Wanblad, CEO of the company.
It has already taken multiple actions to protect its balance sheet amid weak commodity prices through job cuts and capital expenditure forecasts, according to Reuters
Anglo American noted on May 31, 2023 that it would consolidate its production operations into two regions to boost future-oriented growth in the mineral sectors.
On July 27, 2023, the company has cut its dividend paid to shareholders in the wake of falling commodity prices and rising costs affecting its first-half earnings.
On October 4, 2023, Anglo American noted it has moved to lay off dozens of workers across several countries.
The company lowered its 2023 copper production forecast on October 24 last year as its Chilean operations cut production.
Kumba Iron Ore, Anglo American's South African iron ore unit, said on December 8 it would reduce production over the next three years to match output with constrained rail to port transport capacity.
Anglo American stated on the same day that it would cut capital expenditure by $1.8 billion by 2026. Capital expenditure in 2024 is set to be $5.7 billion, $800 million lower than previously expected.
The company may adopt further cost-cutting measures unless market conditions improve after dropped platinum-group prices and the worst cyclical recession in 35 years, said Duncan on February 5, 2024.
Anglo American Platinum stated on February 19 it would cut thousands of jobs at mines in South Africa in the wake of 71% profit slump last year.
On Feburary 20, Kumba Iron Ore also announced 490 job cuts following a production reduction for overcoming persistent rail bottlenecks in South Africa.
In 2023, the company's revenue came in at $30.65 billion, a year-on-year decrease of 13%; earnings attributable to shareholders fell 94% to $283 million from $4.5 billion a year ago. The full-year shareholder dividend was $0.96 per share, much lower than previous $1.98 per share, showed data from a report released by the company.
(Writing by yan.sun Editing by Alex Guo)
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