Anglo American has changed almost beyond recognition since a restructuring and sales programme was started in 2013 to address enormous debt, with the company on Thursday posting its highest dividend in a decade and slashing debt. Anglo CEO Mark Cutifani made the point several times during the diversified miner’s annual results presentation that the company was a “fundamentally different business” and that there was still more to do despite the stellar performance for 2017. Anglo has cut the number of its mines to 37 from 68, with those in SA falling to 17 from 31. Cutifani said that despite the reduction, Anglo was generating 9% more product, with productivity per worker improving 80% since 2012. Anglo doubled attributable profit to $3.2bn for the year to end-December 2017 and operating profit grew to $5.5bn from $1.7bn in 2016. It posted a full-year dividend of $1.02 per share. Net debt halved to $4.5bn, a full $1bn lower than consensus market expectations. The dividend, while the ...

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