De Beers’ parent Anglo American said it is proceeding with efforts to sell the diamond company.
“The plan is to get it done,” Anglo CEO Duncan Wanblad (pictured) told the Financial Times Mining Summit in London last week, as quoted by MiningMx. “There is no way De Beers is a fit in the [Anglo] portfolio. There is no flip-flop possibility.”
He noted that the diamond market’s recovery depends in large part on what happens in China.
“[Its] long-awaited stimulus makes me a little more optimistic that this will be less complicated than it might have been,” said Wanblad.
If the market doesn’t regain its footing, there’s a “low probability” that the De Beers sale might stretch on past 2026, Wanblad said. Anglo has said it plans to sell De Beers by the end of next year.
Anglo first confirmed it was selling De Beers in May.
Wanblad said he understands that Anglo, whose value has dipped since it rebuffed an offer for De Beers from BHP in April, may field new possible takeover bids.
“Have at it,” he said, as quoted by the FT. “But pay the right number.”
(Photo courtesy of Anglo American)
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