Yet for now the company is still stuck with diamonds and coal. The diamond industry is mired in one of its worst ever crises, while Anglo’s two flagship coal mines have both been halted due to fires.
(Feb 20): Anglo American plc took yet another writedown on its struggling De Beers unit and reported steady profits as its diamond operations continued to weigh on earnings.
Anglo American is in the process of a complete transformation of its business. As part of a strategy to fend off an approach from BHP Group in 2024, the company unveiled a radical restructuring plan that included exiting diamonds, coal and platinum. Since then it has struck its own deal to buy Teck Resources Ltd, to create one of the world’s biggest copper miners.
