Cold on coal
Ingham Analytics has issued an updated note on Anglo American entitled “Cold on coal” which as the name suggest takes a look at the coal assets of the Group and what contribution can be expected this year. Metallurgical and thermal coal combined contributed 35% of Group EBITDA in 2018 but this declined to 18% last year. Current pricing and production trends are not promising say Ingham Analytics, in part due to COVID-19. Iron ore is the opposite they say and set to be the mainstay of Anglo American earnings this year, increasing the percentage contribution. Is Anglo American a buy, what can we expect for earnings this year?
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