Anglo American hit by De Beers writedown, posts $3.7 billion loss

By Reuters

February 20, 20268:14 AM GMT+1Updated 11 mins ago

LONDON, Feb 20 (Reuters) – Anglo American (AAL.L), opens new tab posted a $3.7 billion loss on Friday after taking another writedown on its diamonds business, as the miner pushes ahead with plans to shed non-core assets and complete its merger with Teck Resources (TECKb.TO), opens new tab.

Anglo wrapped up a mixed reporting season for London-listed mining groups, underscoring the industry’s diverging fortunes as Antofagasta (ANTO.L), opens new tab benefited from soaring copper prices, while diversified peers struggled with weaker iron ore, diamonds and coal markets.

The company booked a $2.3 billion pre-tax impairment tied to its De Beers unit, and declared a dividend of 0.23 cents per share, or about $200 million. That was down from $0.64 a share, or $800 million, a year earlier.

Core earnings, or EBITDA, of $6.4 billion for its copper, iron ore and De Beers businesses were in line with analyst estimate.

Anglo, which in July discontinued nickel and steelmaking coal assets that it is seeking to sell, aims to focus on copper and iron ore assets.

It demerged its platinum business in May and said it is moving forward with plans to sell De Beers.

Anglo has reviewed the value of De Beers after the diamonds unit recorded a third consecutive annual drop in production last year. It also cut De Beers’ 2026 production forecast as weak demand and high inventories continue to weigh on the diamond market

Anglo had already written down De Beers’ value by about $3.5 billion over the past two years.

Reporting by Clara Denina. Editing by Mark Potter