Anglo American is facing projected negative underlying earnings in its diamond and coal units for the first half of 2026, according to guidance released on July 23, 2026. This comes despite an overall increase in the production of some key commodities. The company's diamond production rose to 14.914 million carats in the first half of 2026, up from 10.214 million carats in the same period last year. Copper production also saw a slight increase to 343,600 tonnes from 342,200 tonnes, and manganese ore production significantly jumped to 1,667,400 tonnes from 1,094,000 tonnes year-over-year.
Conversely, Anglo American experienced drops in other sectors. Iron ore production decreased to 30.6 million tonnes from 31.381 million tonnes, steelmaking coal fell to 3.577 million tonnes from 4.295 million tonnes, and nickel production declined to 18,200 tonnes from 19,300 tonnes compared to the first half of the previous year.
The company is currently in discussions to sell its 85% stake in the De Beers diamond business for approximately $1 billion. The proposed buyer is the Global Diamond Consortium, led by former De Beers CEO Gareth Penny. The deal would involve an initial payment of $750 million, with a further $250 million paid later, supplemented by additional performance-based payments. Anglo American had previously devalued De Beers by $2.3 billion in February, attributing it to lower forecasted prices due to shifting consumer preferences towards laboratory-grown diamonds and a surplus of rough diamonds. Shares of Anglo American were up 0.6% on the London Stock Exchange and 2.4% higher in Johannesburg following the news of the potential sale.
