The plan includes a sale or divestment of its 85% stake in De Beers, the world’s largest diamond producer by value, to focus on copper, iron ore and the Woodsmith fertilizer project in the UK.
Anglo American lowered its full-year diamond guidance in April to between 26 million and 29 million carats. While it has decided to maintain the current target at De Beers, it revealed it is simultaneously exploring options to further reduce output.
The expected market recovery is not showing much progress at this time, as on top of low demand from China, lab-made gems and inflation-hit consumers continue to add the sector’s challenges.
This would add to already implemented production cuts of about 10%, which resulted in second-quarter output falling 15% year on year to 6.4 million carats, the company said on Thursday, announcing second quarters results. Production for most of the other commodities the company mines beat consensus…
