The Anglo American logo is seen in Rusternburg October 5, 2015. Picture: REUTERS/SIPHIWE SIBEKO
“High commodity prices have been very important to us,” Cutifani told investors earlier this week. “We don’t think this is as good as it gets.” The Bloomberg Commodity Spot index, a basket of nearly two dozen raw materials, surged to a 10-year high this week and is rapidly closing in on the record set in 2011. Brent crude, the global oil benchmark, has again surged above $75 a barrel, copper is headed back towards $10,000/tonne, European natural gas is at its highest ever for the northern hemisphere summer season, and steel is changing hands at unprecedented levels.
Anglo American, which announced $4bn in dividends, is probably the most remarkable turnaround story in the natural resources sector, but its profits were still dwarfed by its bigger rivals. Rio Tinto Group and Vale, the world’s two leading iron ore miners, together vowed to hand back more than $17bn in dividends last week. There is still more to come for investors, with BHP Group, the world’s biggest miner, and Glencore, another big miner and commodity trader, yet to report.
Still, Big Oil recovered from the historic price collapse of 2020, when a vicious Saudi-Russian price war and the Covid-19 pandemic briefly sent the value of West Texas Intermediate, the US oil benchmark, below zero. Supported by rising oil, natural gas, and, above all, the chemicals that go into plastics, ExxonMobil, Chevron, Royal Dutch Shell and TotalEnergies delivered profits that went to pre-Covid levels. BP, the smallest of the top five oil majors, will report results next week.
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