Anglo American has confirmed that the separation of De Beers Group is progressing, signalling continued momentum in its plan to exit the diamond business amid subdued market conditions.
In its AGM address, the mining major said the carve-out of De Beers remains a central pillar of its portfolio restructuring, alongside the divestment of steelmaking coal and nickel assets.
Anglo American noted that “in a year characterised by volatile markets and slow economic recovery in China, and with weaker iron ore prices and cyclically low diamond prices, Anglo American delivered a stable operating and financial performance during the year.”
The company reiterated that once the exit is completed, it will sharpen focus on higher-margin segments including copper, premium iron ore and crop nutrients, effectively repositioning away from diamonds.
Production guidance for De Beers remains unchanged at 21-26 million carats for 2026, with output being calibrated to match demand conditions.
Anglo American has not disclosed timelines for completion but indicated that further updates on the De Beers separation are expected through 2026 as the sale process advances.