The company reported underlying earnings before interest, tax, depreciation and amortisation for the 12 months to December 2021 increased to $962 million from $50 million in the previous corresponding period.

Anglo American's annual metallurgical coal production decreased 11% to 14.9 million tonnes, principally due to the suspension of longwall operations at Grosvenor since May 2020 following an underground ignition incident, and the elevated gas levels at its nearby Moranbah mine that resulted in the stoppage of longwall operations there from February 21 2021 until June 3 2021.

Operations at Moranbah were further impacted by challenging geological conditions in the second half of the year.

Grosvenor received approval to restart longwall production in February and is operational again.

Anglo American CEO Mark Cutafani said the company continued to make progress in reducing fatal incidents and its broader safety processes and procedures.

"Through our integrated technology and sustainability program, we are well positioned to run the business safely and sustainably, further enhance our competitive position and - disciplined with our capital - deliver value-adding growth as a foundation for future returns," he said.

Anglo American said it would seek to expand its processing facilities to increase saleable tonnes of high-quality metallurgical coal from its 88% owned Grosvenor and Moranbah mines by about 2.5Mt per annum by 2025 at a cost of $300 million.

The company said project approval was expected by 2023, dependent on progress of longwall operations post the Grosvenor restart.