Chamwe Kaira
Anglo American has again reduced the value of De Beers, booking a US$2.3 billion (about N$43.7 billion) pre-tax impairment that weighed heavily on its 2025 financial results.
The impairment contributed to a loss attributable to equity shareholders of US$3.7 billion (about N$70.3 billion) for the year. De Beers’ book value previously stood at US$4.1 billion (about N$77.9 billion).
The details are contained in Anglo American’s full-year results for 2025, released on 20 February 2026.
In simple terms, an impairment means the company has reduced the book value of an asset because it believes the asset is now worth less than previously recorded.
In this case, Anglo American lowered the accounting value of De Beers, reflecting weaker expectations for the diamond business under current market conditions.
Anglo American said it is progressing the separation of De Beers as part of its broader portfolio simplification strategy. The company is also advancing the sale of its steelmaking coal business, while the agreed sale of its nickel business is moving through regulatory approval.
Anglo American is in the process of selling De Beers. Multiple consortium bids have been submitted, including one led by former De Beers CEO Gareth Penny and backed by Qatari investment funds. The sale faces complex dynamics as the governments of Botswana, Angola and Namibia compete alongside private bidders for control of the diamond business.
De Beers remains a 50/50 partner with the Namibian government in Debmarine, Namdeb land operations and the Namibia Diamond Trading Company.
Despite the impairment, Anglo American reported steady operational performance from its continuing businesses. Underlying EBITDA rose slightly to US$6.4 billion (about N$121.6 billion), compared to US$6.3 billion (about N$119.7 billion) in 2024. Copper and premium iron ore operations were the strongest contributors, delivering EBITDA margins of 49% and 43%.
The group achieved its targeted US$1.8 billion (about N$34.2 billion) run-rate cost savings by the end of 2025. It reported cash conversion of 107% from continuing operations. Net debt declined to US$8.6 billion (about N$163.4 billion) from US$10.6 billion (about N$201.4 billion) in 2024, supported by proceeds from portfolio optimisation initiatives, including the sale of its remaining Valterra Platinum shareholding.
Chief executive officer Duncan Wanblad described 2025 as a transformational year, citing operational excellence, cost discipline and strategic repositioning as key achievements. The company is also moving ahead with its planned merger with Teck Resources Limited to form a global critical minerals group, subject to regulatory approvals.
The board declared total cash dividends of US$0.23 per share, amounting to US$0.2 billion (about N$3.8 billion), in line with its 40% payout policy.
Safety performance improved during the year. The company, however, reported two workplace fatalities in Brazil and Zimbabwe and said it remains committed to strengthening safety standards.
Anglo American said it remains focused on simplifying its portfolio, strengthening its balance sheet and positioning itself as a producer of critical minerals.
