Anglo American’s losses narrowed in the first half, and it increased its dividend as the resources giant continues its asset disposal programme.Anglo reported an attributable loss of $858m in the six months to end-June, compared with a loss of $1.8bn a year ago. This includes the impact of a reduction in the carrying value of the steelmaking coal business to reflect the agreed sale terms, it said.Underlying earnings before interest, tax, depreciation and amortisation (ebitda) were up 35% at $4bn, boosted by a solid production and cost performance from continuing operations and soaring copper prices.Basic HEPS amounted to 14c compared with 23c before, and an interim dividend of 23c per share was declared, up from 7c a year ago, consistent with the group’s 40% payout policy.CEO Duncan Wanblad said the group is unlocking its full potential, anchored in copper, premium iron ore and crop nutrients, with a focus on delivering material value for shareholders, while it prepares to complete the merger with Teck “to create a global metals and minerals champion.”The imminent megamerger between Anglo American and Canadian copper miner Teck will create a $50bn group and is moving at pace.“We continue to progress towards completion within our original September 2026 to March 2027 window, with anti-trust approval from China the final outstanding regulatory milestone,” Wanblad said.He added that integration planning is well-advanced, ensuring that the group will be ready to begin to realise the material value and synergies it has identified from Anglo Teck, once the transaction closes.The combined group is expected to have its headquarters in Canada and is designed to unlock significant value in the near and long term while offering Anglo’s shareholders more than 70% exposure to copper. After the merger, which is subject to shareholder and regulatory approvals, the merged group will be called Anglo Teck. Anglo will own 62.4%, with Teck owning the rest.“We made further progress with our portfolio optimisation during the first half, agreeing [to] the sale of our steelmaking coal business to Dhilmar for up to $3.875bn in cash, including an upfront cash consideration of $2.3bn and potential for additional payments linked to future coal prices,“ Wanblad said.“We continue to work through the European Commission’s anti-trust approval process for the sale of our nickel business, while we are also advancing the sale process for De Beers alongside streamlining opportunities to improve its cost performance and reduce capital expenditure to minimise the impact from challenging diamond markets,” he said.Wanblad said continuing operations delivered a solid operational and cost performance in the first half, reflecting the group’s focus on operational excellence, cost control despite inflationary pressures and realisation of run-rate cost-out programme benefits delivered in 2025, and management actions to reduce losses at De Beers. In copper, the backbone of Anglo’s forward portfolio, a strong performance coupled with favourable prices generated underlying ebitda of $2.9bn with a margin of 60%.Business Day