Chamwe Kaira
Anglo American has reaffirmed its plan to separate De Beers through a dual-track process, according to the group’s production report for the fourth quarter ended 31 December 2025.
De Beers is a 50-50 partner with the Namibian government in Debmarine Namibia, Namibia Diamond Trading Company and Namdeb land operations.
Anglo American said the separation process remains under way, with a potential sale and other options being considered as part of a structured process.
Anglo American chief executive officer Duncan Wanblad said a structured sale process for De Beers is currently under way, following earlier announcements by the group.
Botswana, Angola and Namibia have expressed interest in acquiring equity in De Beers, De Beers chief executive Al Cook announced in January.
The group said rough diamond trading conditions remained challenging during the fourth quarter, leading to a sharp drop in production.
Rough diamond output fell by 35% to 3.8 million carats, mainly due to planned maintenance shutdowns at the Jwaneng and Orapa operations.
The shutdowns formed part of De Beers’ production response to market conditions.
Despite lower production, rough diamond sales improved during the quarter. Sales from three sites in the fourth quarter of 2025 totalled 5.9 million carats, or 5.4 million carats on a consolidated basis.
These figures generated consolidated rough diamond sales revenue of US$571 million. This compares with fourth-quarter 2024 sales of 4.6 million carats, or 4.3 million carats on a consolidated basis, which generated US$543 million in revenue.
For the full year, the consolidated average realised price fell by 7% to US$142 per carat. Anglo American said the decline was driven mainly by a 12% drop in the average rough price index and the impact of stock rebalancing initiatives.
These were partly offset by stronger demand for higher-value stones during the year.
The realised price in the fourth quarter was affected by the sales mix, which included a higher share of lower-value goods.
The group said the average rough price index does not reflect the effect of stock rebalancing actions. When these are included, the equivalent price index decline would amount to a 25% year-on-year decrease.
Anglo American said it is carrying out an impairment review of De Beers’ carrying value due to ongoing weakness in the diamond market.
The review is evaluating the effects of current market conditions, potentially leading to the recognition of an impairment in the full-year results.
Production guidance for 2026 has been revised downward to between 21 million and 26 million carats on a 100% basis, from the previous range of 26 million to 29 million carats.
Anglo American said the revision reflects continued pressure in rough diamond trading conditions, with De Beers expected to adjust output in line with demand.
Caption
Botswana, Angola and Namibia have expressed interest in acquiring equity in De Beers.
- Photo: Contributed
