Anglo American is in “no rush” to sell De Beers, according to Mark Wall, CEO of Mountain Province Diamonds, De Beers’ partner in the Gahcho Kué mine in Canada’s Northwest Territories.
“I have had many discussions [with De Beers Canada],” Wall told Reuters last week. “What I am getting is no one is rushing into anything. There is an acceptance that this is going to take some time.”
De Beers CEO Al Cook has told JCK the sales process will likely take “12 to 18 months.”
In May, Anglo American announced it planned to offload De Beers, its longtime “corporate sibling,” following a difficult 2023 when De Beers’ sales fell and the company posted a loss. Among the reported options for the planned divestment is an initial public offering, or sale to a sovereign wealth fund.
In addition, Botswanan president Mokgweetsi Masisi told a political rally earlier this month the country is “in talks” to increase its stake in the miner, according to Bloomberg. Botswana, De Beers’ biggest partner, owns 15% of De Beers, with the rest currently held by Anglo American.
Masisi told JCK that De Beers’ other partners, like Namibia, may be interested in taking ownership stakes as well.
In a presentation at JCK Las Vegas, Cook said that De Beers plans to halt exploration efforts in Canada, but will continue to prospect in Angola.
Photo courtesy of De Beers
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