Anglo American H2 Earnings Call Highlights

Anglo American (LON:AAL) utilized its 2025 results presumption to outline what enactment described arsenic a “transformational” twelvemonth marked by large portfolio changes, ongoing outgo simplification efforts, and continued enactment to implicit its projected merger with Teck to signifier “Anglo Tech.” Executives besides addressed information performance, operational developments crossed cardinal assets, and the outlook for 2026 amid a simplified concern progressively focused connected copper and premium robust ore.

Chair Stuart Chambers opened the presumption by reiterating that information remains the company’s “very archetypal worth and fig 1 priority.” The institution recorded its lowest ever full recordable wounded frequence complaint successful 2025, but some Chambers and CEO Duncan Wanblad noted 2 workplace fatalities during the year, which they called tragic and unacceptable.

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Wanblad said the fatalities occurred successful abstracted incidents astatine managed operations: a projects contractor fell from tallness astatine a filtration works astatine Minas Rio successful Brazil, and an mishap involving a load-haul-dump conveyance occurred astatine Unki successful Zimbabwe soon earlier the demerger of Valterra. He said wounded frequence rates improved to the lowest successful the company’s past and were 20% little than the anterior year. For 2026, absorption plans to further fortify its attack by enabling leaders to walk much clip successful the tract done prioritization and simplification of work.

Management emphasized advancement connected portfolio optimization successful 2025, highlighting the demerger of its PGMs business, Valterra, and the afloat sell-down of Anglo American’s residual 19.99% stake. Wanblad said the sell-downs raised astir $2.5 cardinal and supported deleveraging.

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Anglo American besides described advancement toward its projected merger with Teck, announced successful September, to make “Anglo Tech,” which absorption positioned arsenic a planetary captious minerals and copper champion. Wanblad said shareholder enactment has been beardown and that respective regulatory approvals person been secured, including nether Canada’s Investment Canada Act. Remaining regulatory processes see South Korea and China, which helium said are “on track.”

Wanblad reiterated expectations for completion astir 12–18 months from the announcement, putting the estimated closing model betwixt September 2026 and March 2027. He besides said a $4.5 cardinal peculiar dividend is expected to beryllium payable to Anglo American shareholders of grounds astir completion. When asked astir U.S. approvals, Wanblad said each required approvals applied for person been received, with lone South Korea and China outstanding.