Anglo American expects to agree the sale of its steelmaking coal business within the next three months but still has not provided a specific target date for the disposal of De Beers.
Reporting on the group’s production results for the March quarter CEO Duncan Wanblad commented, “Anglo American is committed to divesting De Beers and we continue to progress a formal sale process and expect to provide an update through the course of 2026.”
Wanblad said rough diamond conditions during the March quarter “continued to be challenged due to ongoing industry, geopolitical and tariff headwinds.
“The consolidated average realised price dropped 19% to $101/carat driven by a 17% decrease in the average rough price index as well as a sales mix with a higher proportion of lower value goods.”
Diamond production guidance for 2026 remains unchanged at 21 – 26 million carats but “De Beers continues to monitor rough diamond trading conditions in order to align output with prevailing demand.”
Wanblad said the merger with Canadian mining group Teck “is on track for an expected September 2026 to March 2027 close. We were pleased to receive regulatory approval from South Korea in the quarter with anti-trust approval from China now the final outstanding regulatory milestone, alongside other customary closing conditions.”
Turning to the group’s steel- making coal operations Wanblad said “the sale process is progressing well with expectations for a sale to be agreed in the second quarter of 2026.”
Anglo American’s initial deal to sell its steel-making coal mines to US coal major Peabody for $3.8bn fell apart when Peabody pulled out of the deal following the fire which closed the Moranbah South mine in March 2025.
According to Wanblad the Moranbah South mine has now transitioned to normal longwall operations and is now progressing through a ramp-up.
He added “significant progress” had also been made at the Grosvenor mine since permission to re-enter the underground area was given by the regulator in August last year.
He commented, “The re-entry and rectification process is in the final stages and operational readiness assessments are complete. Longwall production is targeted to recommence by late 2027 – subject to investment approval.”
Regarding the group’s flagship copper and iron ore operations Wanblad said copper production guidance for 2026 remained unchanged at 700,000t – 760,000t while iron ore production guidance was also unchanged at 55 – 59 million tonnes of which Kumba Iron Ore was expected to contribute 31 – 33 million tonnes.
