Anglo writes De Beers down by $2.9bn

Anglo writes down De Beers, pressing on with business overhaul
Anglo American posted an annual loss of $3.1 billion on Thursday after taking an impairment of $3.8 billion, mostly due to its ailing diamond unit, as it races to restructure into a major copper producer following a bruising takeover battle with BHP last year.
Anglo American Writes Down De Beers Diamond Unit Value by $2.9 Billion
The miner wrote down the value of its embattled diamond business again as it seeks to ready the division for disposal.
Anglo American writes down value of De Beers by $2.9bn
Anglo American has written down the value of its De Beers diamond business for the second time in two years. The London-listed miner said on Thursday it had booked an impairment charge of $2.9bn on the unit,
Anglo posts $3.1 billion loss, dragged down by diamonds
Anglo American posted a $3.1 billion loss on Thursday, dragged lower by a De Beers diamond unit writedown, and pared its dividend, while the market welcomed its progress towards asset sales and reduced debt.
Anglo American Posts $3 Billion Loss After Large De Beers Impairment
The diversified miner posted a worse loss than expected as it booked billions of dollars worth of net impairments.
Anglo American Takes Another De Beers Writedown, Profit Slides
Anglo American Plc took another writedown on its struggling De Beers diamond unit, and posted a slide in profit, as the miner moves ahead with a radical overhaul of its business.
Anglo American writes down De Beers value by another $2.9B but analysts see progress
Anglo American (OTCQX:AAUKF) (OTCQX:NGLOY) said Thursday it wrote down the value of its struggling De Beers diamond business by another $2.9B, after already writing down the business by $1.6B to $7.6B last year.
The diamond market is losing its shine
Diamonds, once the ultimate symbol of opulence and wealth, may be on their way out. With the prevalence of lab-grown ...
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Chinese retailers are offloading polished diamonds as demand tanks, adding to a $2 billion inventory headache for De Beers
The current valuation includes a $2 billion stockpile of diamonds it has struggled to shift amid the downturn in the industry. “It’s been a bad year for rough diamond sales,” De Beers CEO Al ...
Daily Maverick5d
Anglo writes De Beers down by $2.9bn as it prepares to ditch diamond giant
During a conference call with journalists, Wanblad said that De Beers’’ asset value was now around $4-billion including a diamond stockpile of about $2-billion. The ultimate value of De ...
Diamond Crisis Hits Russia As Lab-Grown Prices Fall By 75%
Collapsing diamond prices are doing more than frustrate plans to sell industry leader De Beers, they are becoming the latest headache for Russia.
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Anglo American writes down De Beers on weak diamond market
LONDON - Mining giant Anglo American announced Thursday a fresh write-down of De Beers as it seeks to offload the diamond group amid a wider industry downturn, notably due to weak Chinese demand ...
Céline Assimon Steps Down as CEO of De Beers’ Diamond Jewelry Business
Assimon, who joined De Beers in 2020 and served for three years as CEO of Forevermark, helped to sharpen the De Beers image ...
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De Beers valuation slashed by $2.9BN on weak diamond demand
Anglo American has slashed its valuation of De Beers by $2.9billion as it seeks to offload the iconic diamond brand amid lacklustre demand for the precious stones. The mining giant blamed ...