South Africa / Global
Anglo American posts $2.9bn half-year copper earnings, flags rising capital intensity and Teck merger progress
Anglo American reported $2.9 billion in half-year copper earnings on 30 July, with CEO Duncan Wanblad highlighting the group's capacity to deliver capital-efficient copper growth into a tightening market. Wanblad flagged a structural industry concern with direct African relevance: the capital intensity of mining has risen well ahead of inflation, and project development timelines are continuing to extend — a combination that constrains supply response even at elevated prices. The group also reported that its first-half loss more than halved, raised its dividend, and recorded further progress on its restructuring and proposed merger with Teck Resources. For African jurisdictions competing for copper development capital, Wanblad's capital-intensity observation is the operative signal: as project economics tighten globally, the jurisdictions that secure investment will be those offering regulatory predictability and functioning power supply rather than geological quality alone.
