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Anglo American posts loss after hit from diamond operations
(Sharecast News) - Troubled miner Anglo American on Thursday posted a full-year loss of $3.1bn after a large write-down related to its De Beers diamond operation as it continued restructuring plans to focus on copper and iron ore. The loss attributable to shareholders compared to a profit of $283m in 2023, while the dividend was cut to 64 cents a share, from 96 cents. Anglo said it was taking a total impairment of $3.8bn, with $2.9bn related to the diamond operation, which it is now seeking to offload.
"Financial results were predominantly impacted by lower iron ore, PGM and steelmaking coal prices and challenging diamond market conditions, partially offset by higher copper prices and effective cost-saving initiatives across the group," it said.
Difficult trading conditions resulted in a 23% revenue fall at De Beers to $3.3bn on the back of weak demand from China and the growth of lab-grown diamonds. Rough diamond sales decreased by a quarter to $2.7bn. Total rough diamond sales volumes were down 28% to 17.9 million carats.
"The work to separate De Beers is well under way, with action taken to strengthen cash flow in the near term and position De Beers for long-term success and value realisation," Anglo American said.
Anglo announced it had agreed to merge its copper mine Los Bronces in Chile with state-backed Codelco's operation Andina. On Tuesday the company revealed it was selling its nickel business to a unit of Hong Kong-listed MMG for up to $500m as part of a plan to refocus operations on copper and iron ore. It is also demerging its platinum metals unit.
The company, which is listed in London and Johannesburg, outlined a new strategy last May as it rebuffed a takeover approach from Australian mining giant BHP.
"We are fast transforming Anglo American into a far higher margin and more valuable mining company focused on exceptional copper, premium iron ore and crop nutrients assets and significant growth optionality," said chief executive Duncan Wanblad.
Reporting by Frank Prenesti for Sharecast.com
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