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

Anglo American has today posted a $3.7 billion loss 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.

Anglo wrapped up a mixed reporting season for London-listed 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 $200m. That was down from $0.64 a share, or $800m, a year earlier.

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.