De Beers Sale is "Relatively Far Advanced"
February 11, 26
(IDEX Online) - Mining giant Anglo American will probably sell De Beers to a consortium of government and private entities, according to CEO Duncan Wanblad.
He told the Financial Times (FT) yesterday (10 February) that the sales process was "relatively far advanced" and that Botswana, which currently holds a 15 per cent stake in De Beers, would almost certainly increase its holding.
He also indicated that the sales process could drag on until the end of 2026.
Angola and Namibia have also expressed interest in acquiring a stake in De Beers, as have a number of private sector groups.
Plans to sell or demerge De Beers, the loss-making diamond company, were first announced in May 2024 as part of a "radical" restructuring at Anglo.
Anglo has since sold off its platinum and nickel interests and is seeking buyers for its steelmaking coal portfolio.
Wanblad said last February that he wanted the divestment of its 85 per cent stake in De Beers to be "substantively complete" by the end of 2025.
He told the FT that the timeline for finalizing the process would now depend more than anything on the timing of financing in a worsening diamond market.
"I'm still hoping that it's going to get done this year," he said.
Pic shows Duncan Wanblad, CEO at Anglo American.