LONDON (dpa-AFX) - British mining company Anglo American Plc. (AAUKY.PK, AAL.L) reported Thursday a hefty loss in fiscal 2024, compared to prior year's profit, amid lower revenues and weak production volumes.
Further, the Board has proposed a final dividend of $0.22 per share, down 46 percent from last year's $0.41 per share. The total dividend for the year 2024 would be $0.64 per share, 33 percent lower than last year.
Separately, Anglo American announced the signing of a memorandum of understanding or MoU between its 50.1 percent owned subsidiary Anglo American Sur SA and the Chilean state-owned mining company Codelco for a framework to implement a joint mine plan for their respective, adjacent copper mines of Los Bronces and Andina in Chile.
The joint mine plan is expected to increase copper production with minimal additional capital required.
A new operating company, jointly owned and controlled by AAS and Codelco, will coordinate the execution of the joint mine plan.
Under the MoU terms, Anglo American and Codelco are working towards concluding due diligence and entering into definitive agreements in H2 2025.
In the interim, both Los Bronces and Andina will continue to operate as they currently do, based on the 2019 cooperation agreement between the two mines.
For the year, loss attributable to equity shareholders of the company was $3.07 billion, compared to last year's $283 million. Loss per share was $2.53, compared to profit of $0.23 a year ago.
Underlying earnings were $1.94 billion or $1.60 per share, compared to $2.93 billion or $2.40 per share a year ago.
Underlying EBITDA fell 15 percent from last year to $8.46 billion, and EBITDA margin dropped to 30 percent from prior year's 31 percent.
Revenue for the year fell 11 percent to $27.29 billion from $30.65 billion a year ago.
Production volumes decreased 7 percent on a copper equivalent basis, mainly reflecting lower production from Platinum Group Metals operations, as well as slightly lower own mined volumes.
Copper production fell 6 percent, while Iron ore production grew 1 percent. The anuual production was down 7 percent for Platinum group metals and 22 percent for Diamonds.
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