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Anglo American Faces $3.7B Loss, Cuts De Beers Production

2/20/2026

Summary

Story summary

Anglo American plc, the London-listed mining company, reported a $3.7 billion loss on February 20, 2026, largely due to a $2.3 billion write-down of its De Beers diamond business.
This marks the third consecutive year of value reductions for De Beers amid weak demand and high inventories.
The company aims to divest non-core assets and focus on copper and iron ore.
Core earnings of $6.4 billion met analyst expectations.
Anglo American reduced De Beers' 2026 production forecast after a decline in diamond production.

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Story summary

Anglo American plc, the London-listed mining company, reported a $3.7 billion loss on February 20, 2026, largely due to a $2.3 billion write-down of its De Beers diamond business.
This marks the third consecutive year of value reductions for De Beers amid weak demand and high inventories.
The company aims to divest non-core assets and focus on copper and iron ore.
Core earnings of $6.4 billion met analyst expectations.
Anglo American reduced De Beers' 2026 production forecast after a decline in diamond production.