News: RIO UPDATE 1-Anglo American misses H1 earning estimates, cuts dividend

(Updates with details, CEO quote)

Global miner Anglo American AAL.L cut payouts to shareholders on Thursday after lower commodity prices and higher costs hurt its first-half earnings.

Underlying earnings before interest, tax, depreciation and amortisation (EBITDA) fell to $5.1 billion for the six months to June 30, down from $8.7 billion a year earlier and below the $5.3 billion expected on average by eight analysts polled by research firm Vuma.

Anglo joined rival miners Rio Tinto RIO.L (RIO) and Freeport-McMoRan FCX.N in reporting lower profits, and said the short-term macro environment, including growth in major consumer China's economy, still remained challenging.

"We have been a bit surprised by how slow the reopening of China has been and the lack of stimulus that everybody expected. The good news is the politburo in the last couple of days has indicated quite strongly that it will take some action," Chief executive Duncan Wanblad told reporters.

On Monday, China pledged more support for its slowing economy.

Anglo said it is on track to deliver on 2023 production guidance, which includes a significant increase in volumes during the later half of the year.

Anglo declared an interim dividend of $0.55 per share, down 56% from $1.24 a year earlier and far below record levels of 2021.