|Bid||2,796.00 x 0|
|Ask||2,799.00 x 0|
|Day's Range||2,750.00 - 2,909.63|
|52 Week Range||1,018.20 - 2,996.00|
|Beta (5Y Monthly)||N/A|
|PE Ratio (TTM)||16.60|
|Earnings Date||Feb 25, 2021|
|Forward Dividend & Yield||0.59 (2.01%)|
|Ex-Dividend Date||Aug 20, 2020|
|1y Target Est||24.50|
(Bloomberg) -- Anglo American Plc reported earnings that beat expectations after a wider commodity rally helped balance out another difficult year for its diamond business and a collapse in coal profits.The company is the last of the major miners to report earnings in what’s been a bumper season for investors, with BHP Group and Rio Tinto Group already handing back record dividends. The payouts, along with a recent surge in metal prices, have stoked fresh speculation about a new commodities supercycle, driven by tight supplies and strong demand as the world moves to decarbonize.So far Anglo’s returns have been more muted then some of its rivals, while it’s been more aggressive about pursuing growth. The company is planning to finish building a giant new copper mine in Peru next year and is also developing a potash mine in the U.K.It’s also the most diversified of the big miners, producing products like platinum and diamonds that tend to flatten out its earnings. This year, its De Beers diamond unit reported its smallest profit since at least the early 2000s, and coal earnings plunged after weaker prices and production setbacks in Australia.Still, the company was able to post its best second-half performance in a decade as prices for commodities such as copper and iron ore rallied strongly and the impact of the pandemic on its operations eased.Anglo will return 72 cents a share to investors, after the century-old mining company cashed in on surging prices for iron ore, palladium and copper. The dividend -- which is calculated as 40% of underlying earnings -- compared with 47 cents a year earlier. However, when including the interim dividend, the total for 2020 will be lower than 2019.Anglo rose as much as 4.7% to the highest in almost a decade amid a wider rally in mining stocks, and traded 4.5% higher at 9:26 a.m. in London. The company reported underlying earnings of $9.8 billion compared with $10 billion a year earlier.“While Anglo’s dividend is solid, it could have paid more,” said Ben Davis, an analyst at Liberum. “It’s clearly positioning itself more toward growth than rivals BHP and Rio.”Copper touched the highest since 2011 Thursday as investors bet a raft of measures to boost growth will see consumption outstrip near-term supply. Prices of other commodities such as oil and iron ore have also surged, while mining stocks are at the highest in a decade.“The fundamentals for commodities are strong, demand across most sectors is very good and supply is constrained,” Anglo’s Chief Executive Officer Mark Cutifani told reporters Thursday. “We think the market is in a good place.”(Updates with shares in seventh paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Anglo American chief executive Mark Cutifani said the global miner would not be “seduced” by rising commodity prices and splurge cash on deals or new projects after reporting its highest second-half profit since 2011. Please don't cut and paste FT.com articles and redistribute by email or post to the web.
(Bloomberg) -- Anglo American Platinum Ltd. plans to increase its mine output by about a fifth over the coming decade, while seeking to stimulate demand for the platinum-group metals it produces.Amplats, as the company is known, is targeting a 20% jump in production to about 3.6 million ounces by 2030 as it mechanizes mines in South Africa. The increase would mainly be driven by an expansion of its giant Mogalakwena operation.That development comes as investors debate the long-term outlook for PGM supply and demand, weighing the potential boost to platinum consumption from new hydrogen technologies against a shift to electric vehicles. In the short term, tougher pollution regulations requiring vehicle makers to use more platinum in catalytic converters have helped boost the metal by 19% this year.Chief Executive Officer Natascha Viljoen expects prices to remain robust in 2021, even as Amplats sees the platinum market returning to a surplus. Platinum is also being supported by potential demand from hydrogen applications, the CEO said.“I honestly am quite bullish about the future of our metals,” Viljoen said in an interview. “If you consider the momentum we have seen in battery electric vehicles and fuel cells, we believe the future lies in a mixed drive train where platinum certainly plays a significant role.”Amplats may boost output at Mogalakwena by 300,000 to 600,000 ounces over the next 10 years. Board approval for the expansion that could cost as much as 23 billion rand ($1.5 billion) will likely be granted by the end of the year, the CEO said. It also plans to increase production at Amandelbult, while extending the life of the Mototolo mine.Despite the pandemic and disruptions to its processing plants, the unit of Anglo American Plc posted record earnings before interest, taxes, depreciation and amortization last year as palladium and rhodium prices soared.(Updates with CEO comments from fifth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.