Duncan Wanblad's maiden results as Anglo American's CEO were restrained as interim earnings fell 28% from last year's record performance in the face of lower prices and extreme weather events. They were still the second-highest half-year earnings in the company's long history. Wanblad's predecessor, Mark Cutifani, left Anglo in good nick and investors will welcome a silver-medal performance.

Anglo American's underlying EBITDA (earnings before interest, taxes, depreciation and amortisation) fell 28% to $8.7-billion in the six months to the end of June compared with the same period last year, the global mining giant said on Thursday.

But in what has become a theme for Anglo's results - its South African platinum and iron ore units, Amplats and Kumba, unveiled their earnings earlier this week - last year's performance was a record one stemming from prices that hit historic highs.

So the company's earnings are still comparatively huge by historical standards, and the upshot is that shareholders will get an interim dividend of $1.24 per share compared with last year's $2.51 per share which included a special dividend top-up.

Among other things, inflation - and the escalating production costs associated with it - is eating into Anglo's bottom line, while mounting...