Anglo American PLC gained on Thursday after full-year results were coupled with news of another write down for its De Beers diamond unit in search of a buyer.
A US$2.9 billion impairment charge had been booked, Anglo said on Thursday, marking the second write down in two years in a bid to offload the unit under a wider reshuffle.
“The work to separate De Beers is well under way,” chief executive Duncan Wanblad said, adding the write down came “given prevailing diamond market conditions”.
Figures also showed revenue down 11% at US$27.3 for the year to December 31, as impairments fuelled a swing to a US$3.1 billion loss, against 2023’s US$283 million profit.
Anglo has sought a rapid turnaround after a £39 billion takeover attempt by rival BHP last year, which includes plans for sales of its steelmaking coal assets and nickel wing, alongside the spin-off of its platinum arm.
“We are making excellent progress with our portfolio simplification,” Wanbald added, “in terms of growth, we are progressing our considerable pipeline of high-quality options”.
Shares climbed 3.3% on Thursday.