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

Anglo American said it will review its assets after a 94% plunge in annual profit.

The country's biggest mining investors are halting plans to spend billions of rand on new projects in response to a slump in profits.

Anglo American Platinum's profit plunged by 71% last year.

Kuvimba holds some of Zimbabwe’s best mining assets, which were once owned by a company controlled by US- and UK-sanctioned tycoon Kudakwashe Tagwirei.

Palladium fell by 39% in 2023 after rising prices from 2018 to 2022 caused the auto sector, accounting for 80% of demand, to start replacing it with cheaper platinum in autocatalysts.

The precious metals producer is still looking for copper assets to buy across the African copper belt.