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.
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