Anglo American reported a narrowed net loss for the first half, driven by smaller write-downs on assets it is selling. The U.K. mining group stated it is on track to deliver the next phase of its transformation.

Net loss for the first half was $858 million, compared with a loss of $1.88 billion for the same period last year. The company noted the result was hit by a write-down on its steelmaking-coal business to reflect the terms of a sale agreement.

Anglo American is undergoing a major portfolio shake-up after rebuffing a nearly $50 billion hostile takeover bid from BHP in 2024. As part of this process, the company spun off its platinum business into Valterra Platinum and struck deals to sell its nickel and steelmaking-coal businesses.