Anglo American’s revenue has taken a hit as tariff turmoil dented trading levels for the mining company.
The FTSE 100 giant is taking a greater focus on copper but it has not escaped the threat of President Donald Trump’s threats on all commodities including the red metal.
Late on Wednesday, the US president said he would exempt refined material from 50 per cent tariffs on semi-finished products such as copper pipes as well as derivative products, which can include cables.
Trump suggested he would exclude “input” materials including copper from the tariffs and instead subject them to new rules, making the price of copper drop by around 18 per cent in markets.
Anglo American has appeared to suffer from Trump’s flip-flopping on policies in the first half of the year.
Its turnover dropped by some seven per cent to just under $9bn (£6.7bn) in the first six months of 2025 compared to the same period last year. Its underlying earnings fell by 20 per cent.
Bosses also said it expected its total portfolio to decrease slightly by $100m in 2025 to $3.1bn in 2026 and 2027.
The mining giant said all gains from stronger demand in China and a surge in US refined copper imports were offset by Trump’s havoc on price certainty after he introduced sweeping tariffs.
It said the 127 per cent year-on-year increase in US refined imports in the first five months of the year drew copper away from “more typical demand centres” in Asia and Europe.
Its diamond operation through De Beers, which is set to be separated from Anglo American, also suffered from a “challenging” trading environment, with its recovery set to be delayed by weakened confidence.
Tariffs drill a hole
Company leaders said they hopes a boost in demand in China could help it rebuild its sales.
Duncan Wanblad, chief executive of Anglo American, said it was doubling down on making $1.8bn in cost savings, which drove lower earnings in the first half of the year.
“By focusing on our exceptional copper, premium iron ore and crop nutrients resource endowments, each with significant value-accretive growth options, we are unlocking material value for our shareholders by delivering the see-through value of our portfolio,” Wanbald said.
“Our clear and decisive actions are transforming Anglo American into a highly attractive and differentiated value proposition for the long term, offering strong cash generation to support sustainable shareholder returns combined with the capabilities and longstanding relationship networks to deliver our full value and growth potential.”