Anglo American Expects to Take a Writedown on De Beers Unit

Anglo American Plc expects to take a writedown on its De Beers business as plunging diamond sales prompt cuts in output.

The company is likely to book an impairment in upcoming full-year results due to deteriorating market conditions, particularly in China, Anglo said in a statement Thursday. It sees a marginal 2024 loss for De Beers.

The mining giant offered De Beers for sale last year as part of a sweeping overhaul launched in the wake of a takeover approach by BHP Group. The broader restructuring has progressed well, but slumping sales at De Beers are creating a dilemma for ...