Anglo American (LSE: AAL, OTC Pink: AAUKF) reported a sharp US $ 1.9 billion pure losses for the first half of 2025, deepening the US $ 672 million a year ago, as the global mineation carried forward with a comprehensive corporate overhall with the purpose of focusing on copper and iron ore.
The latest results of the London-based group saw a decline of 7 percent year-on-year in revenue, which decreased by analyst’s expectations, while the underlying Ebitda fell 20 percent to US $ 3 billion.
“With each important value-active growth options focusing on our extraordinary copper, premium iron ore and crop nutrient resource-settlements, we are unlocked the physical value for our shareholders,” Chief Executive Officer Duncan Wanblad assured the company’s recent performance report.
Anglo American’s portfolio shakeup continued in speed in the first half.
After May of its platinum unit, now listed as Walterra on the Johannesburg Stock Exchange, the company has now shut down its steelmaking coal and nickel operations. Sales agreed for both but have not yet been finalized.
A major piece of puzzle remains de bears, the prestigious diamond brand with an 85 percent stake in Anglo. Minor confirmed that this market status and buyer are pursuing both a business sales and an IPO option based on hunger.
Wanblad said that when the company is giving priority to a business sales for D Beers, it is also preparing a business for a possible IPO, warrant of market status.
Diamond market has been a major drag over performance. D Beers posted a loss of US $ 189 million over a half-year period between the demand for global rough-domed and prolonged recession in competition with synthetic stones.
Anglo American said that it has already recorded a US $ 3.5 billion in the loss related to De Beers in the last two years, giving the unit a price of US $ 4.9 billion.
Despite disappointment, Wanblad said that D Beers have long -term capacity. “Some of the best diamond mines in the world with resources and best marketing capabilities, de beer, I believe that the market is well deployed to emerge and flourish along with recovering in the market.”
Business friction market instability
The decline in revenue of the company was partially attributed to global trade disruptions, especially from the Shifting Tariff Strategy of the US government.
The recent announcement by President Donald Trump abandoned the new tariffs widely sophisticated copper imports, but exposed semi-developed products, leading to a decline of 18 percent and demand pattern in copper prices.
Anglo American mentioned that while it benefited from 127 percent year-year growth in the US in the first five months of 2025, it redesigned metal away from traditional markets in Asia and Europe.
Copper remains at the center of the development strategy of Anglo. According to internal forecast, after reconsideration, the metal is expected to be responsible for more than 60 percent of the group Ebitda.
According to its weak performance, Anglo American dropped its interim dividend below US $ 0.42 last year, US $ 0.07 per share. The company cited a negative income contribution from its platinum and coal divisions and has no contribution to D Beers.
D Biers Timeline and Options Exit
Division of D Beers is progressing, with confirming Anglo it is now in the second round of its formal sales process, described as “a reliable set of interested parties”.
The company is also discussing with the Botswana government, which has a 15 percent stake and can try to increase its ownership.
If a trade sales physically fails, Anglo is preparing a public listing. Wanblad said that exchanges in London, Johannesburg and New York are all under consideration.
A trade sales can be finalized within six to nine months, while they said, while an IPO will possibly be delayed on recovery of diamond prices or by mid -2026 or by mid -2026.
One of the country’s largest diamond operations, D Beers’ Vetia mine in South Africa, is passing in an expensive underground detail with the aim of expanding its lives from 2040.
Wanblad said that the Anglo is associated with stakeholders on the future of the diamond, regardless of the final exit of the group, with stakeholders on the future of the mine.
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Securities disclosure: I, Giann Liguid, no direct investment in any company mentioned in this article is interested.