Anglo American flags first-half losses at diamonds, coal units as copper outlook holds
Anglo American is balancing steady copper output with weaker conditions in other parts of its mining portfolio as it advances a broader restructuring plan. The miner says its diamonds and steelmaking coal businesses are set to post negative underlying earnings in the first half, even as it keeps full-year copper production guidance unchanged.
Highlights
- Anglo American produced 343,600 tons of copper in H1 2024, broadly flat year-on-year, and maintains 2024 guidance of 700,000–760,000 tons.
- Diamonds and steelmaking coal divisions are expected to report negative underlying earnings in H1 due to weak demand and lower prices.
- Anglo selected a consortium led by ex-De Beers CEO Gareth Penny to acquire De Beers as Botswana considers exercising its right of first refusal on its 15% stake.
Copper production and portfolio changes
As reported by Reuters, Anglo American says first-half copper production is broadly flat and it has lowered its 2026 copper cost guidance while maintaining full-year output guidance of 700,000 to 760,000 metric tons.The company produces 343,600 tons of copper in the first half, compared with 342,200 tons a year earlier. It also says its proposed merger with Teck Resources remains on track, with Chinese approval still the final regulatory hurdle.
The transaction would create the world's fifth-largest copper producer as Anglo reshapes its portfolio through the sale of its steelmaking coal and nickel businesses and the separation of diamond unit De Beers. As part of that process, Anglo has selected a preferred consortium led by former De Beers Chief Executive Gareth Penny to acquire De Beers.
Pressure on diamonds and coal earnings
Anglo says its diamonds and steelmaking coal businesses are expected to report negative underlying earnings in the first half, highlighting the drag from weaker commodity conditions outside copper.In diamonds, the company says weak demand and lower prices continue to weigh on the market despite an 88% rise in second-quarter output. Botswana, which owns 15% of De Beers, is considering whether to exercise its right of first refusal and buy the stake itself or through a third party, a government official says.
IBM’s cut to its 2026 revenue growth outlook highlighted how corporate technology budgets are being redirected toward AI-focused data-center infrastructure. Our publication previously noted that this shift can weigh on legacy segments such as mainframes and parts of the broader software and hardware market, even as companies emphasize that core systems remain strategic over the long term.
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