Anglo American Halves Value of De Beers Diamond Business — Commodities Roundup

MARKET MOVEMENTS:

--Brent crude oil is down 0.3% at $71.46 a barrel.

--European benchmark gas is down 2.5% to 32.67 euros a megawatt hour.

--Gold futures are up 1.3% at $5,061 a troy ounce.

--LME three-month copper futures are down 0.2% to $12,808 a metric ton.

TOP STORY:

Anglo American Halves Value of De Beers Diamond Business

Anglo American wrote down the value of its De Beers diamond business by $2.3 billion, the third cut in three years, as challenging market conditions complicate plans to dispose of the unit.

The London-listed miner warned earlier this month that it was undertaking a review of the business that could lead to the write-down. For 2025, the unit booked a roughly $500 million underlying earnings loss.

OTHER STORIES:

Hudbay Minerals 4Q Profit, Revenue Rise on Higher Metals Prices, Insurance Payout

Hudbay Minerals posted a stronger fourth-quarter profit as rising metals prices and a one-time insurance payout tied to wildfire evacuations in Manitoba helped lift results.

The Canadian mining company on Friday posted a jump in net income to $128 million, or 32 cents a share, up from $21.2 million, or 5 cents a share, in the comparable quarter a year ago.

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Perseus Mining Focused on Internal Growth; Will Keep Predictive Stake For Now

Perseus Mining's chief executive said the gold producer is focused on developing its own growth options after a failed bid for Predictive Discovery and has no current plans to sell its stake in the Africa-focused explorer.

Australia-listed Perseus in December offered to buy Predictive Discovery in a deal valuing the explorer at more than US$1.3 billion. The proposal was later overtaken by a merger deal with Canada's Robex Resources.

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Newmont CEO Prioritizes Margins, Not 'Starry-Eyed' About Record Gold Prices

Newmont will focus on widening margins as it capitalizes on a record rally in gold prices, its chief executive said, after the world's largest gold miner reported a drop in fourth-quarter profit on higher royalties and taxes.

The miner is focused on improving the performance of its Nevada joint venture, said Natascha Viljoen, adding that she views that as the best way to generate value for shareholders.

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BHP, Faraday Copper Explore Deal to Revive Arizona Mine

BHP Group signed a nonbinding letter of intent with Faraday Copper to explore a deal that could revive the historic San Manuel copper mine in Arizona.

The companies said Friday they will evaluate restarting the San Manuel mine and combining it with Faraday's nearby Copper Creek project to create a larger copper development hub.

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AngloGold Ashanti Boosted by Higher Gold Price, Production

AngloGold Ashanti reported higher earnings for last year as it produced more gold and benefited from rocketing prices.

The gold miner said Friday that net profit for the year ended Dec. 31 was $2.64 billion compared with $1.0 billion for the comparable period a year earlier, and a consensus of $2.695 billion, taken from LSEG.

MARKET TALKS:

Oil Treads Water With Eyes on U.S.-Iran Situation -- Market Talk

0901 ET - Oil futures are lower but on track for weekly gains on rising expectations of U.S. military action against Iran, even as President Trump allows some more days for talks seeking a deal with Tehran. "On the one hand, military actions could be imminent," Citi's Anthony Yuen says in a note. "On the other hand, bringing the situation to the brink could be a negotiation strategy, although market pricing in oil does not seem to be reflecting this as much." Citi's bull case for Brent around $75 a barrel reflects supply risks in Iran and Russia, but not the closure of the Strait of Hormuz. If any conflict with Iran escalates into transit disruptions in the strait, oil prices would likely rise further, Yuen adds. March WTI is off 0.4% at $66.18 a barrel. Brent is down 0.4% at $71.40. (anthony.harrup@wsj.com)

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Anglo American Should Pay Down Debt with Cash from Divestment -- Market Talk

1228 GMT - Anglo American should use cash raised from divestments to reduce its debt pile over the next twelve months, Jefferies analysts write. Anglo posted 2025 results on Friday that saw earnings come in ahead of the analysts expectations. Looking ahead, Anglo's push to break up its business will drive earnings higher, while the move to exit diamond business De Beers will boost the London miners valuation, they say. Anglo's pending merger with Teck Resources will finalize before the end of the year, the analysts estimate. Anglo shares rise 0.6% in afternoon European trade.(josephmichael.stonor@wsj.com)

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Anglo American Merger With Teck Resources Key Driver of Share Price -- Market Talk

1213 GMT - Anglo American's pending merger with Teck Resources remains the key driver of the miner's outlook, Quilter Cheviot's Maurizio Carulli writes. Regulatory approval of the merger will make Anglo American a global copper giant, Carulli says. "Once the merger is completed in 12-18 months, significant cost savings and production growth will be achieved." Anglo's results were better than expectations, though currency fluctuations driven by a weaker dollar weighed on the group's costs, the analyst adds. Anglo American shares rise 0.7% in early afternoon European trade.(josephmichael.stonor@wsj.com)

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Higher Oil Prices Leave Euro Vulnerable -- Market Talk

1203 GMT - The recent rise in oil prices in reaction to U.S.-Iran tensions leaves the euro vulnerable, ING analyst Francesco Pesole says in a note. Partly mitigating the euro's losses is probably the associated falls in equities and the single currency's recent prominence as a safe-haven alternative to the dollar, he says. A further rally in oil prices would potentially cause the euro to extend its losses, particularly in the case of an oil price shock, he says. That's "especially true considering the euro-dollar is still trading around 1% above a short-term fair value." The euro could fall to $1.16 in the case of a major escalation, he says. The euro falls 0.1% to $1.1765. (renae.dyer@wsj.com)

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Anglo American's Writedown Values De Beers Below JPM Estimate -- Market Talk

1146 GMT - Anglo American's writedown of De Beers implies a valuation for the multinational diamond miner of $2.1 billion, below the $2.5 billion analysts at J.P. Morgan assign the company. The writedown--which knocks $2.3 billion off De Beers's value--was the result of weak Chinese economic growth and the rise of lab-made synthetic diamonds, the miner said. Elsewhere in Anglo's earnings, a fall in 2026 capital expenditure improves the company's cash flow, while the news that investment from Mitsubishi will revive Anglo's mothballed Woodsmith fertilizer project was a major surprise, the analysts say. Analysts will likely raise their 2026 earnings expectations for the company in response to earnings, they add. Anglo shares climb 1.2%. (josephmichael.stonor@wsj.com)

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Palm Oil Ends Lower After Estimated Fall in Exports -- Market Talk

1013 GMT - Palm oil prices ended lower after data from cargo surveyor AmSpec Agri Malaysia showed an on-month fall in exports from Feb. 1 to 20. Sluggish exports data and profit-taking activities amid the Lunar New Year period likely weighed on prices, Kenanga Futures says in a note. The Bursa Malaysia Derivatives contract for May delivery closed 27 ringgit lower at MYR4,090 a metric ton. (megan.cheah@wsj.com)

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Copper Below $13,000 on Inventory Buildup, With U.S. Rate-Cut Outlook in Focus -- Market Talk

1000 GMT - Copper prices tick lower in midmorning trade, with futures on the London Metal Exchange down 0.1% to $12,832 a metric ton. The metal is consolidating after a two-month rally fueled by speculative buying, while relatively lackluster economic data from top consumer China and a steady buildup in inventories have weighed on sentiment, according to ANZ. "Data released yesterday show readily available inventories of copper in warehouses tracked by the LME have risen for the 27th consecutive day, the longest streak since 2009," analysts at the firm say. The outlook for U.S. interest-rate cuts is also key, with traders awaiting more cues on the Federal Reserve's next move. (giulia.petroni@wsj.com)

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European Gas Rises on Concerns of LNG Trade Disruptions -- Market Talk

0837 GMT - European natural-gas prices extend gains in early trading, driven by fears of potential supply disruptions in the Strait of Hormuz--a key waterway for LNG transit. The benchmark Dutch TTF contract rises 0.5% to 33.70 euros a megawatt-hour and is up more than 3.5% on the week. "Escalation in the Middle East would leave a sizeable amount of global LNG trade at risk, and at a time when the EU holds lower than usual gas inventories," analysts at ING say. According to Gas Infrastructure Europe, EU gas storage levels are at around 32% of capacity, well below the five-year average--meaning any potential supply disruption would make refilling difficult. (giulia.petroni@wsj.com)

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Gold Above $5,000 as Geopolitics Drive Safe-Haven Demand -- Market Talk

0831 GMT - Gold prices hold above the $5,000 mark, as a U.S. military buildup in the Middle East and fears of a potential strike against Iran lifted demand for safe-haven assets. In early trading, futures in New York rise 0.7% to $5,030.70 a troy ounce. "Prices have been volatile since a sharp correction from January's record highs, driven partly by speculative trading, but underlying support factors, including geopolitical risks and a shift away from traditional assets, remain in place," says Soojin Kim from MUFG. The outlook for U.S. interest rates remains another key driver, with investors now awaiting the release of PCE data--the Federal Reserve's preferred inflation gauge--due later Friday.(giulia.petroni@wsj.com)

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Oil Prices Head for 5% Weekly Gain on U.S.-Iran Fears

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February 20, 2026 09:22 ET (14:22 GMT)