Johannesburg, Feb 21, 2026, 09:52 SAST — Market closed.
- Anglo American (AGL) closed out Friday with a roughly 2% gain on the Johannesburg Stock Exchange.
- The miner posted a $3.7 billion loss after yet another writedown tied to De Beers.
- Next week, all eyes on the De Beers sale. Teck’s merger clearances are also on the investor radar.
Anglo American’s shares in Johannesburg finished Friday 2.2% higher at 78,564 rand cents, as fresh details in its full-year update again spotlighted De Beers. Shares moved between 76,380 and 79,949 cents, with trading volume topping 1.1 million, according to JSE figures. (JSE)
The market’s closed for the weekend, giving investors a pause to dig into numbers that could jolt Johannesburg’s broader mining board. Anglo, a major local holding, has its restructuring narrative increasingly bound up with a rare, high-profile mining merger.
South African assets closed out the week on firmer ground. The Top-40 index rose 1.3% Friday, lifted as global markets digested U.S. inflation numbers and shifts in oil prices. While that broader mood gave a boost, Anglo’s gains were driven by company-specific news. (Reuters)
Anglo reported a $3.7 billion loss for 2025, hit by a $2.3 billion pre-tax writedown at its De Beers division. EBITDA, which strips out interest, tax, depreciation and amortisation, landed at $6.4 billion. The company slashed its total dividend to $0.23 a share. “There is at the moment a plentiful supply of rough diamonds in the market,” CEO Duncan Wanblad said. The miner continues to move forward with the De Beers sale, a possible Teck merger, and ongoing discussions with Mitsubishi over the Woodsmith fertiliser venture. (Reuters)
Teck—Anglo’s planned merger partner—topped fourth-quarter profit forecasts just a day ago and stuck with its 2026 copper target of 455,000 to 530,000 tonnes. The move highlights the copper-centric shift driving the deal. (Reuters)
During the results call, Jefferies’ Christopher pressed on U.S. antitrust signoff for the Teck deal. Wanblad responded: all necessary consents are in, except for South Korea and China. “The only two outstanding are South Korea and China,” he said, reiterating that the regulatory timeline should run 12–18 months. (Investing.com)
For traders, it comes down to a miner working to shed slower-growth or volatile assets, betting more on copper and high-grade iron ore instead. That shifts Anglo toward copper-centric rivals, but it still leaves the group open to the same diamond market turbulence.
Still, the bear case is pretty clear. Should diamond demand remain sluggish, De Beers might need extra time to move inventory or settle for lower prices, squeezing Anglo as it works to manage leverage. Delays in regulatory signoff from China or South Korea could also push out the Teck deal and leave the stock under a cloud.
Anglo flagged a key upcoming date for investors on its own calendar: the company announced a final dividend of 16 U.S. cents per share, noting AGL shares go ex-dividend on the JSE starting March 11. Anyone picking up shares after that won’t qualify for the payment. The record date lands on March 13, with the payout set for May 6, and shareholders will cast their votes at the annual general meeting on April 29. (SharNet)
