Anglo American has reclassified its De Beers diamond business from 'held for sale' to 'held for use' in its accounting records, a move that underscores the growing complexity of divesting the unit before its planned merger with Teck Resources.
The London-listed miner confirmed it still intends to sell the business, but the accounting change reflects the difficulty of finding a buyer in a soft diamond market.
This shift comes as Anglo navigates a narrowed attributable loss of $858 million for the first half of the year, driven by strong copper prices but weighed down by its diamond segment.
The reclassification means De Beers will no longer be reported as a discontinued operation, potentially altering how investors view Anglo’s core earnings profile.
This shift comes as Anglo navigates a narrowed attributable loss of $858 million for the first half of the year, driven by strong copper prices but weighed down by its diamond segment.
The company has been under pressure to streamline its portfolio ahead of the Teck deal, which aims to create a diversified mining giant focused on copper and diamonds.
De Beers has faced significant headwinds, including a two-year production halt at its Venetia mine in South Africa to cut costs amid weak demand.