Anglo American profits rise to $4B

Anglo American recorded record profits of $4 billion in the first half of the year, thanks to its focus on the copper sector, which now accounts for about 70% of its total profits. This was driven by a two-thirds increase in its mines in South America, reaching $2.9 billion. The rise in copper prices, fueled by supply shortages and increased demand from the artificial intelligence sector, led the company to achieve a 35% growth in its core earnings. The company plans to distribute interim dividends and sell unprofitable assets, such as the De Beers unit, for billions of dollars, as part of its strategy to restructure its investment portfolio and complete its takeover of the Canadian company Tech Resources, following regulatory approvals from China.

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