Anglo American Takes Another De Beers Writedown, Profit Slides

Bloomberg

02-20

(Bloomberg) — Anglo American Plc (AAL.L) took another writedown on its struggling De Beers diamond unit, and posted a slide in profit, as the miner moves ahead with a radical overhaul of its business.

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Last year Anglo, in the process of fending off a $49 billion approach from BHP Group (BHP), announced a restructuring that would leave its business focused on iron ore and copper. So far the plan has gone well. Anglo has agreed to sell its coal and nickel mines and is on course to exit platinum later this year. That just leaves De Beers to go.

Yet the diamond industry is in the midst of a crisis. Demand has collapsed in China, a crucial market, and lab grown alternatives continue to win share in some segments of the market. Anglo said Thursday it was taking a $2.9 billion impairment on the value of De Beers after last year taking a $1.6 billion writedown.

Anglo reported a 15% fall in underlying earnings to $8.46 billion, while cutting its final dividend by 46% from the same period in 2023.

Anglo joins its major mining peers in posting declining profits. Rio Tinto Group (RIO.L), BHP and Glencore Plc (GLEN.L) have all reported falling earnings this week. Iron ore has been under sustained pressure from China’s property crisis, while coal — a key Glencore earner — has slumped in the face of a supply glut.

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So far the plan has gone well. Anglo has agreed to sell its coal and nickel mines and is on course to exit platinum later this year. That just leaves De Beers to go.</p>\n<p>Yet the diamond industry is in the midst of a crisis. Demand has collapsed in China, a crucial market, and lab grown alternatives continue to win share in some segments of the market. Anglo said Thursday it was taking a $2.9 billion impairment on the value of De Beers after last year taking a $1.6 billion writedown.</p>\n<p>Anglo reported a 15% fall in underlying earnings to $8.46 billion, while cutting its final dividend by 46% from the same period in 2023. </p>\n<p>Anglo joins its major mining peers in posting declining profits. Rio Tinto Group (RIO.L), BHP and Glencore Plc (GLEN.L) have all reported falling earnings this week. Iron ore has been under sustained pressure from China’s property crisis, while coal — a key Glencore earner — has slumped in the face of a supply glut.</p>\n<p>Most Read from Bloomberg Businessweek</p>\n<ul>\n<li><p>Japan Perfected 7-Eleven. Why Can’t the US Get It Right?</p></li>\n<li><p>How Med Spas Conquered America</p></li>\n<li><p>Before DeepSeek Blew Up, Chatbot Arena Announced Its <a href=\"https://laohu8.com/S/ARVLF\">Arrival</a></p></li>\n<li><p>The Startup That Stepped In When the Baby Formula Supply Chain Broke</p></li>\n<li><p><a class=\"promotion-word\" href=\"https://ttm.financial/U/4197425891462882\">Elon Musk</a>’s DOGE Is a Force Americans Can’t Afford to Ignore</p></li>\n</ul>\n<p>©2025 Bloomberg L.P.</p></body></html>","source":"yahoofinance_au","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta content=\"text/html; charset=utf-8\" http-equiv=\"Content-Type\"/>\n<meta content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\" name=\"viewport\"/>\n<meta content=\"telephone=no,email=no,address=no\" name=\"format-detection\"/>\n<title>Anglo American Takes Another De Beers Writedown, Profit Slides</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAnglo American Takes Another De Beers Writedown, Profit Slides\n</h2>\n<h4 class=\"meta\">\n</h4><p class=\"head\">\n<strong class=\"h-name small\">Bloomberg</strong><span class=\"h-time small\">2025-02-20 15:07</span>\n</p>\n</header>\n<article>\n<p>(Bloomberg) — Anglo American Plc (AAL.L) took another writedown on its struggling De Beers diamond unit, and posted a slide in profit, as the miner moves ahead with a radical overhaul of its business.</p>\n<p>Most Read from Bloomberg</p>\n<ul>\n<li><p>Trump to Halt NY Congestion Pricing by Terminating Approval</p></li>\n<li><p>Sorry, Kids: Disney’s New York Headquarters Is for Grown-Ups</p></li>\n<li><p>Airbnb Billionaire Offers Pre-Fab Homes for LA Fire Victims</p></li>\n<li><p>Child Migrant Watchdog Gutted in DOGE Cuts</p></li>\n<li><p>Chicago Council Delays $830 Million Bond Vote Amid Scrutiny</p></li>\n</ul>\n<p>Last year Anglo, in the process of fending off a $49 billion approach from BHP Group (BHP), announced a restructuring that would leave its business focused on iron ore and copper. So far the plan has gone well. Anglo has agreed to sell its coal and nickel mines and is on course to exit platinum later this year. That just leaves De Beers to go.</p>\n<p>Yet the diamond industry is in the midst of a crisis. Demand has collapsed in China, a crucial market, and lab grown alternatives continue to win share in some segments of the market. Anglo said Thursday it was taking a $2.9 billion impairment on the value of De Beers after last year taking a $1.6 billion writedown.</p>\n<p>Anglo reported a 15% fall in underlying earnings to $8.46 billion, while cutting its final dividend by 46% from the same period in 2023. </p>\n<p>Anglo joins its major mining peers in posting declining profits. Rio Tinto Group (RIO.L), BHP and Glencore Plc (GLEN.L) have all reported falling earnings this week. Iron ore has been under sustained pressure from China’s property crisis, while coal — a key Glencore earner — has slumped in the face of a supply glut.</p>\n<p>Most Read from Bloomberg Businessweek</p>\n<ul>\n<li><p>Japan Perfected 7-Eleven. Why Can’t the US Get It Right?</p></li>\n<li><p>How Med Spas Conquered America</p></li>\n<li><p>Before DeepSeek Blew Up, Chatbot Arena Announced Its <a href=\"https://laohu8.com/S/ARVLF\">Arrival</a></p></li>\n<li><p>The Startup That Stepped In When the Baby Formula Supply Chain Broke</p></li>\n<li><p><a class=\"promotion-word\" href=\"https://ttm.financial/U/4197425891462882\">Elon Musk</a>’s DOGE Is a Force Americans Can’t Afford to Ignore</p></li>\n</ul>\n<p>©2025 Bloomberg L.P.</p>\n<div class=\"bt-text\">\n<p> 來源：<a href=\"https://finance.yahoo.com/news/anglo-american-takes-another-beers-070734792.html\">Bloomberg</a></p>\n<p>為提升您的閱讀體驗，我們對本頁面進行了排版優化</p>\n</div>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BHP.AU","symbol_name":"BHP GROUP LTD","start_time":0,"source_url":"https://finance.yahoo.com/news/anglo-american-takes-another-beers-070734792.html","article_id":"2512418148","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2512418148","pubTimestamp":1740035254,"columns":[],"sourceInfo":{"source_id":"yahoofinance_au","name":"Yahoo Finance AU"},"weMediaInfo":null,"summary":" — Anglo American Plc  took another writedown on its struggling De Beers diamond unit, and posted a slide in profit, as the miner moves ahead with a radical overhaul of its business.Trump to Halt NY Congestion Pricing by Terminating Approval. Sorry, Kids: Disney’s New York Headquarters Is for Grown-Ups. Airbnb Billionaire Offers Pre-Fab Homes for LA Fire Victims. Chicago Council Delays $830 Million Bond Vote Amid Scrutiny. Last year Anglo, in the process of fending off a $49 billion approach from BHP Group , announced a restructuring that would leave its business focused on iron ore and copper. So far the plan has gone well. Anglo has agreed to sell its coal and nickel mines and is on course to exit platinum later this year. That just leaves De Beers to go.Anglo joins its major mining peers in posting declining profits. Rio Tinto Group , BHP and Glencore Plc  have all reported falling earnings this week. Iron ore has been under sustained pressure from China’s property crisis, while coa","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BHP.AU":"BHP GROUP LTD","BK7511":"ESG概念","AFG":"美国金融集团有限公司","BK7507":"资源股","BK7095":"多种金属与采矿","BK4585":"ETF&股票定投概念","BK4117":"多元化保险","BHP":"必和必拓公司","BK4107":"财产与意外伤害保险","BK4588":"碎股","BK4168":"多种金属与采矿"},"translate_title":"英美资源集团再次减记戴比尔斯，利润下滑","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"AFG":1,"BHP":1,"BHP.AU":0.9},"content_text":"(Bloomberg) — Anglo American Plc (AAL.L) took another writedown on its struggling De Beers diamond unit, and posted a slide in profit, as the miner moves ahead with a radical overhaul of its business.\nMost Read from Bloomberg\n\nTrump to Halt NY Congestion Pricing by Terminating Approval\nSorry, Kids: Disney’s New York Headquarters Is for Grown-Ups\nAirbnb Billionaire Offers Pre-Fab Homes for LA Fire Victims\nChild Migrant Watchdog Gutted in DOGE Cuts\nChicago Council Delays $830 Million Bond Vote Amid Scrutiny\n\nLast year Anglo, in the process of fending off a $49 billion approach from BHP Group (BHP), announced a restructuring that would leave its business focused on iron ore and copper. So far the plan has gone well. Anglo has agreed to sell its coal and nickel mines and is on course to exit platinum later this year. That just leaves De Beers to go.\nYet the diamond industry is in the midst of a crisis. Demand has collapsed in China, a crucial market, and lab grown alternatives continue to win share in some segments of the market. Anglo said Thursday it was taking a $2.9 billion impairment on the value of De Beers after last year taking a $1.6 billion writedown.\nAnglo reported a 15% fall in underlying earnings to $8.46 billion, while cutting its final dividend by 46% from the same period in 2023. \nAnglo joins its major mining peers in posting declining profits. Rio Tinto Group (RIO.L), BHP and Glencore Plc (GLEN.L) have all reported falling earnings this week. Iron ore has been under sustained pressure from China’s property crisis, while coal — a key Glencore earner — has slumped in the face of a supply glut.\nMost Read from Bloomberg Businessweek\n\nJapan Perfected 7-Eleven. Why Can’t the US Get It Right?\nHow Med Spas Conquered America\nBefore DeepSeek Blew Up, Chatbot Arena Announced Its Arrival\nThe Startup That Stepped In When the Baby Formula Supply Chain Broke\nElon Musk’s DOGE Is a Force Americans Can’t Afford to Ignore\n\n©2025 Bloomberg L.P.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1}}}