While Anglo American is being forced to fend off strong price headwinds across most of its diversified portfolio, at least one tailwind propelled it forward in 2014 – diamonds. Anglo subsidiary De Beers managed to sell 34.4-million diamond carats, which delivered earnings before interest and taxes (Ebit) of $1.4-billion, 36% more than the $1-billion Ebit of 2013. However, Anglo’s overall iron-ore, coal and copper bedraggle went on to blacken diamond’s dazzle. In fact, with iron-ore turning full turtle, Anglo saw fit to rip $3.5-billion out of the carrying value of Minas-Rio, its nemesis iron-ore project in Brazil, previously valued at $5.6-billion. How things change! Only a couple of years ago, it was iron-ore that was contributing the 47% lion’s share to Anglo earnings and De Beers was down at 15%.