The distribution was proposed at US$0.28 per share after revenue slipped 16% to US$12bn in the six months to June 30.
Underlying earnings (EBITDA) down 39% to US$3.3bn while net debt spiked to US$7.6bn from US$4.6bn in December.
Operations generated inflows of just US$1.2bn from US$3.4bn a year ago, Shore Capital noted expressing “particular concern”.
“This was half of the US$2.4bn of investing outflows. It was only because of US$1.3bn of net financing inflows that the cash balance remained flat at US$6.3bn,” analysts commented.
The De Beers diamond is challenged by ongoing restrictions to travel in southern Africa and the risk of further Covid-19 cases in Indian cutting centres.
Production guidance remains unchanged at 25-27mln carats, subject to continuous review based on coronavirus disruption as well as the timing and scale of the recovery in demand.
The outlook for copper, platinum and palladium was also the same at 620,000-670,000 tonnes, 1.5-1.7mln ounces and 1-1.2mln ounces respectively.
Guidance for metallurgical coal was revised to 16-18mln tonnes from 19-21mln tonnes due to the temporary closure of Australia’s Grosvenor mine in May after five people were seriously injured after a gas ignition.
Shares shed 3% to 1,908.6p early on Thursday.
Published at Thu, 30 Jul 2020 07:50:00 +0000-Anglo American halves dividend amid uncertain outlook