Anglo Talking With Banks About De Beers IPO, Report Says

By Rob Bates | March 26, 2025

Anglo American has begun talks with banks about a possible public listing for De Beers, according to a report in Bloomberg.

“Anglo is pursuing a dual-track process in its effort to exit De Beers by trying to find a buyer for the struggling business, while also starting preparations for an initial public offering as a backup solution,” said the report, which cited “people familiar with the matter.”

Anglo American owns 85% of De Beers, and the government of Botswana owns the other 15%. Botswana mining minister Bogolo Kenewendo told JCK that the government is “mulling” taking a bigger stake.

In February, Anglo CEO Duncan Wanblad told the FT that Anglo still hoped to divest itself of De Beers sometime this year, with an IPO the “likelier” option.

That same month, former De Beers CEO Bruce Cleaver—who is now chair of Gemfields—suggested taking De Beers public might not work.

“De Beers is quite a difficult business to IPO,” he told The Times. “I think it’s a business that, because it’s so cyclical, probably belongs better in private hands.”

De Beers declined to comment.

Photo courtesy of De Beers