LONDON (ShareCast) - (Sharecast News) - Anglo American on Thursday after the diversified miner reported a 180% increase in losses for the first half on the back of ongoing challenging conditions in the rough diamond market, leading the company to slash its interim dividend by 83%.
Total losses including discontinued operations amounted to $1.88bn over the six months to 30 June, compared with a $672m loss the year before, with losses per share sinking to $1.58 from $0.55.

Interim results reflected negative earnings from discontinued operations and a lack of contribution from its struggling De Beers diamond operation.

The company last year announced plans to exit its diamond, steelmaking coal and nickel businesses - along with its platinum group metals division which was demerged in May - and instead focus on its core production of copper, iron ore, manganese ore and crop nutrients.

Steelmaking coal and nickel sales have now been agreed, while the sale of the De Beers diamond operation remains in process.

"We are delivering on our strategy, transforming Anglo American into a higher margin, more cash generative and more valuable mining company," said chief executive Duncan Wanblad.

Revenues totalled $8.95bn during the half, down 7% on the year before, while underlying EBITDA sank 20% to $2.96bn.

Meanwhile, the interim dividend was slashed to just $0.07 per share, down from $0.42 the year before though in line with the company's 40% payout policy.

The stock was down 1.4% at 2,200p by 0834 BST.

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