Anglo American PLC reported a $3.7 billion loss for 2025 after recording a $2.3 billion impairment on its De Beers diamond business, marking the latest blow to the miner's restructuring efforts. The loss contrasts sharply with the company's previous profitability and comes as Anglo continues to divest non-core assets, including its platinum division and nickel operations.

Revenue for the year rose 5% to $18.5 billion, while core earnings (EBITDA) from copper, iron ore, and De Beers operations totaled $6.4 billion, broadly matching analyst expectations. The company's EBITDA margins remained strong at 49% for copper and 43% for premium iron ore, though the De Beers writedown overshadowed these operational gains. Anglo has now reduced De Beers' carrying value by roughly $3.5 billion over the past two years.

Anglo lowered its 2026 copper production forecast to 700,000-760,000 tons from the previous 760,000-820,000 tons, citing weaker volumes at Chile's Collahuasi mine. The miner also anticipates $200 million in rehabilitation charges in the second half of 2025. With net debt improving to $8.6 billion from $10.6 billion in 2024, Anglo continues to streamline its portfolio while pursuing its planned merger with Teck Resources.