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Anglo American to Sell De Beers in ‘Radical’ Restructure 

May 15, 2024  |  Alex O'Dea
De Beers rough diamonds sale image

De Beers’ parent company intends to sell the diamond miner as part of a strategy to unlock “significant” value in its businesses.

The move forms part of major structural changes that will simplify the Anglo American portfolio and deliver growth, it said Tuesday. Plans will see De Beers being “divested or demerged, to improve strategic flexibility for both De Beers and Anglo American,” the company clarified.

Anglo is exploring a range of options to separate the De Beers business, having made significant progress toward finalizing the sales agreement with the Botswana government, it added. The restructuring will allow the company to focus primarily on its copper, premium iron ore and crop nutrient assets, it noted.

“These actions represent the most radical changes to Anglo American in decades. I believe these are the right decisions to position Anglo American to capitalize on the outstanding resource endowment opportunities within our portfolio today,” commented Anglo CEO Duncan Wanblad.

A new ownership structure would enable the 136-year-old company to enjoy more strategic flexibility and deliver greater value to its stakeholders, observed De Beers CEO Al Cook. “Although our ownership will change, much will stay the same,” he said.

“Today’s announcement from Anglo American opens up new possibilities under new ownership. But some things will not change,” Cook explained. “We will continue to deliver value for all our stakeholders, including our partners in Botswana, South Africa, Namibia, Canada, Angola and other countries. In particular, we look forward to finalizing our transformational agreement with the government of the Republic of Botswana, which holds a 15% ownership interest in De Beers.”

The miner will present a new strategy at the JCK show in Las Vegas later this month

Image: A rough diamond on the sorting table. (Ben Perry/Armoury Films/De Beers)

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De Beers rough diamonds sale image Anglo American to Sell De Beers in ‘Radical’ Restructure 

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