29th Jul 2026 12:35
(Alliance News) - Anglo American PLC is in talks for a potential USD1 billion sale of its De Beers diamond business, Bloomberg reported Wednesday.
The deal would see Global Diamond Consortium, led by former De Beers chief executive officer Gareth Penny and including Namibia, Angola, and big diamond traders, paying around USD1 billion for Anglo American's 85% stake in De Beers, Bloomberg said citing people familiar with the situation.
Around USD750 million would be paid upfront, with a further USD250 million paid later.
Further, there would be additional payments based on the performance of the business after completion of the sale.
Spokespeople for Anglo American and Gareth Penny's consortium declined to comment to Bloomberg.
The London-based diversified miner has in the past lowered the value of the unit, after Anglo American refused to be bought by BHP Group Ltd for around USD50 billion in early 2024.
Back in February, Anglo American wrote down the value of De Beers to the tune of USD2.3 billion, blaming lower "forecasted" prices than previously, due to greater shifting of customer preference between natural diamonds and laboratory-grown diamonds, and surplus of available rough diamonds relative to prevailing demand.
Anglo American shares were up 0.6% at 3,643.00 pence each on Wednesday afternoon in London. In Johannesburg, its shares were 2.4% higher at ZAR814.07 each.
By Tom Budszus, Alliance News slot editor
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