The company posted a full-year attributable profit of $US1.6 billion, up from a $5.6 billion loss for 2015.

Attributable free cashflow was $2.6 billion, while underlying earnings before interest, tax, depreciation and amortisation jumped by 25% to $6.1 billion.

Capital expenditure for 2016 was reduced by 37% to $2.5 billion, and the company realised cost and volume improvements of $1.5 billion, resulting in a 25% increase in underlying EBITDA to $6.1 billion.

Production was up by 2% on a copper equivalent basis, while unit costs decreased by 9% in US dollar terms.

After announcing a radical restructure this time last year, Anglo has managed to reduce net debt at December 31 by 34% to $US8.5 billion – well below the company’s $10 billion target and below the $12.9 billion reported at the end of 2015.

The company was also trying to sell its Moranbah and Grosvenor coal assets in Australia and Barro Alto nickel mine in Brazil, but will retain them.

“While we saw strong interest in a number of the major assets for which we held sale processes during 2016 to further strengthen our financial position, we adhered to our strict value thresholds and chose not to transact,” Cutifani said.

“We will continue to upgrade our portfolio as a matter of course, although asset disposals for the purposes of deleveraging are no longer required.

“We therefore retain Moranbah, Grosvenor and our nickel assets, ensuring that they continue to be optimised operationally to contribute cash and returns, while being allocated capital to both protect and enhance value.”

For 2017, Anglo’s priorities will be realising an additional $1 billion of net cost and volume improvements, returning to an investment-grade rating, and resuming dividend payments for the end of the year.

"Despite our significant progress, it is critical that the lessons of recent years are applied and, although there is confidence in the long-term outlook for our products, the balance sheet must be able to withstand expected price volatility in the short to medium-term,” Cutifani said.

“We will continue to refine our asset portfolio over time to ensure our capital is deployed effectively to generate enhanced returns.

"Looking at the nuts and bolts, the focus for the year ahead is on the ongoing implementation of the operating model across the portfolio and to continue to leverage the group's now significantly enhanced technical and marketing capabilities, while also driving our FutureSmart mining approach to innovation.”

Capex for 2017 will be maintained at $2.5 billion, and the company will consider organic growth options, particularly within its copper portfolio.

Cutifani said Anglo was now a more robust company with a stronger balance sheet and more competitive cost structure.

"Looking ahead, we must continue to build on this solid progress,” he said.

“Operating discipline is of paramount importance as we strive to complete the journey to a balance sheet that can support competitive shareholder returns and maximise the potential of our differentiated assets and future opportunities.”