- Underlying earnings down almost a third to $9.9bn
- Final dividend down 45 per cent to 41¢
“There is no point in a business that only performs at the top of the cycle,” Anglo American (AAL) chief executive Duncan Wanblad said on 22 February. This line came alongside the release of an ugly set of numbers for 2023, which might lead investors to consider whether Anglo is even performing at the mid-point of a cycle given copper and iron ore prices remain strong.