Markets

Anglo American kicks off $1bn share buyback as earnings jump

Anglo American put a smile on the face of investors this morning after posting a better-than-expected rise in earnings and launching a $1bn ($800m) buyback.

The mining giant raised its dividend payout by almost 30 per cent after underlying earnings before interest, tax, depreciation and amortisation (Ebitda) rose 19 per cent to $5.45bn in the first half of 2019.

Read more: British Gas owner Centrica to cut dividend

Strong
prices for iron ore and the platinum group metals boosted
the firms performance in the six months to June, despite a fall in
values for coal, copper and nickel.

The firm trumped a company-compiled consensus of analyst expectations that expected Ebitda would hit $5.16bn during the period.

Read more: Jersey Oil and Gas hails transformational north sea oil field

Chief Executive Mark Cutifani said: “With a strong balance sheet in place, we then consider the appropriate balance of options for any discretionary capital, Read More

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