Anglo American recorded a full-year loss attributable to equity shareholders of $3.7 billion for 2025, driven by a $2.3 billion pre-tax impairment at its diamond business De Beers.
The impairment, the second consecutive significant writedown for the diamond unit, reflects lower forecast prices amid shifting consumer preferences between natural and laboratory-grown diamonds and a surplus of rough diamonds relative to demand.
Despite the loss, underlying EBITDA from continuing operations edged up 2% to $6.4 billion, with strong performances from copper and premium iron ore delivering margins of 49% and 43% respectively.
Revenue increased 5% to $18.5 billion.
The company highlighted a transformational year of portfolio simplification, including the demerger of Valterra Platinum in May and the subsequent sale of its residual holding in September.
Net debt decreased to $6.8 billion from $10.6 billion in 2024, supported by proceeds from the platinum sale and continued focus on cash conversion.
Anglo American also progressed its planned merger with Teck, receiving Investment Canada Act approval in December following overwhelming shareholder support from both companies.
The merger would form Anglo Teck, which group chief executive Duncan Wanblad described as "a global critical minerals champion" offering shareholders more than 70% exposure to copper.
Mathew Nyaungwa, Editor-In-Chief, Rough & Polished
