Business

Anglo eyes De Beers exit

De Beers is due to be put up for sale
 
De Beers is due to be put up for sale

Anglo holds 85% in De Beers, with the other 15% held by the Govt of Botswana.

The statement by Anglo this morning, follows weeks of pressure by global mining group, BHP, which is pushing to buy Anglo. Anglo, which has rejected all bids, yesterday said it would update shareholders on its own plans to boost value within the group.

'De Beers to be divested or demerged, to improve strategic flexibility for both De Beers and Anglo American,' reads part of the update released today to shareholders on the strategic plan.

In a response this morning, De Beers CEO, Al Cook, said: ' diamond leader for the next century.

“Today’s announcement from Anglo American opens up new possibilities under new ownership. But some things will not change. 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 finalising our transformational agreement with the Government of the Republic of Botswana, who hold a 15% ownership interest in De Beers.'

He added: “Later this month, we will present the new strategy for De Beers. Diamonds remain some of the most desired products around the world, and I am excited by the opportunity we have to bring their magic to a new generation.'With the ongoing recovery in rough diamond demand, and such a positive outlook for the sector, I feel very confident in our future.”