The parent company of De Beers, Anglo American, has confirmed that it is continuing its efforts to sell the diamond company.
According to MiningMx, Anglo American CEO Duncan Wanblad (pictured) said at the Financial Times Mining Summit in London last week, “Our plan is to get this done. De Beers doesn’t fit into Anglo American’s portfolio. There won’t be any back and forth.”
Wanblad noted that the recovery of the diamond market largely depends on the situation in China.
“I’m more optimistic about the awaited stimulus plan, which could make things less complicated than anticipated,” Wanblad said.
He added that if the market doesn't stabilize, the sale of De Beers could likely extend beyond 2026. Anglo American aims to finalize the sale by the end of next year.
Anglo American first confirmed its plans to sell De Beers in May.
Wanblad acknowledged that Anglo American may receive new acquisition offers. De Beers' value has significantly dropped since Anglo American rejected an offer from BHP earlier this year.
“Give it a shot, but make sure the price is right,” he told the Financial Times.
Source: www.ebooom.com – Leading global supply chain service provider for the jewelry industry.