Anglo American launches asset review after profit plunges by 94%

Credit: REUTERS/Siphiwe Sibeko

By Clara Denina and Felix Njini

LONDON, Feb 22 (Reuters) - Anglo American AAL.L said on Thursday it will review its assets after posting a 94% plunge in annual profit hurt by weak prices and higher costs in diamonds, platinum and iron ore.

The miner announced a $1.6 billion impairment charge on its De Beers diamond business owing to faltering demand.

"We are in the process of systematically going through all of our assets to assess their role in our portfolio," CEO Duncan Wanblad said, adding that nothing is off the table.

The London-listed miner's 2023 profit attributable to shareholders fell to $283 million from $4.5 billion a year earlier.

Anglo declared a full-year shareholder payout of $0.96 per share, down from $1.98.

(Reporting by Clara Denina and Felix Njini; editing by David Goodman and Jason Neely)


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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