Anglo American PLC (LSE:AAL) slipped into the red after the miner took a US$1.6 billion write-down of the Woodsmith fertiliser development in Yorkshire.
The miner had already said it would slow down the development of the polyhalite mine pending a final investment decision as part of a restructuring of its businesses after a failed bid from BHP.
Cutting costs by US$1.7 billion was another part of its defence with capital spending also to be reduced by US$1.6 billion.
Revenues in the half year to June 2024 dropped by 8% to US$14.5 billion while underlying profits were 23% down at US$1.29 billion. Net losses were US$672 million.
“Our focus on operational performance is delivering results, most notably in our Copper and Premium Iron Ore businesses, with EBITDA margins of 53% and 43% respectively,” said Duncan Wanblad, chief executive.
Shares dropped 1.5% to 2,189p on Thursday.