Botswana rules out reckless De Beers spending
BOTSWANA will not compromise its financial stability to increase its stake in De Beers, said Bloomberg News citing the country’s vice president Ndaba Gaolathe. The country, whose…
What resource nationalism means for Africa’s miners
Governments across Africa are seeking to assert greater control over their mineral wealth by rewriting mining codes, demanding larger equity stakes or greater local…
How Anglo American squandered De Beers’ brand power
QUESTION: What would you call a company valued at $18bn in 2001, $12.75bn in 2011, that is now finding no buyers at $1bn? Something to ponder. Allow me to take a step back.…
Can De Beers make diamonds forever again?
So … diamonds are forever, you say. Are we sure about that? The diamond market has, over the past few years, seen a cataclysmic shift that threatens its foundations to the core…
Diamonds to stay in Anglo Teck until anti-trust approval
IT was goodbye. As chair Stuart Chambers opened the interim results presentation recently for Anglo American, which is due to merge with Canada’s Teck Resources, he said: “I have…
Petra to sell Finsch after failing to save diamond mine
PETRA Diamonds is to close Finsch mine in South Africa’s Northern Cape after business rescue practitioners found there was no way to save the business. As part of a five-point…
Anglo boss admits diamond industry misread lab-grown threat
ANGLO American CEO Duncan Wanblad acknowledged De Beers and the wider diamond industry underestimated the disruption caused by laboratory-grown gems, the Financial Times reported…
Anglo not exclusive with any buyer for De Beers, says CEO
ANGLO American had not entered into an exclusive agreement with any of the bidding consortiums for De Beers, said the group’s CEO, Duncan Wanblad. “We are not exclusive with any…
Anglo in talks to sell De Beers for $1bn
ANGLO American is discussing a deal worth about $1bn to sell its De Beers diamond business, a fraction of what the one-time diamond monopoly was once worth, said Bloomberg News.…
Anglo American shares jump on copper cost cut
ANGLO American shares climbed 5% on Thursday after the group trimmed its 2026 copper cost forecast and stuck by its production targets for its newly streamlined business, News24…
Anglo’s diamond pain deepens as prices sink 32%
THE crisis in the diamond market appears unrelenting, with Anglo American disclosing in a production report on Thursday that average prices for uncut gems plummeted 32% during…
Botswana weighs options as Anglo picks De Beers bidder
ANGLO American has identified a preferred bidder for its 85% stake in De Beers, leaving Botswana to decide how it will exercise its right of first refusal, Reuters quoted a…
Why De Beers opted to shut Venetia diamond mine
DE Beers is preparing to shutter South Africa’s largest diamond mine for two years, threatening thousands of jobs and removing roughly two-fifths of the country’s diamond…
Anglo knocked as key De Beers bidder pulls interest
ANGLO American’s auction of its storied diamond division De Beers has turned out to be a bit of a dog show, with many of the potential bidders apparently dropping out amid…
De Beers to halt Venetia mine for two years
DE BEERS plans to suspend production at its Venetia mine in South Africa for two years, as the diamond producer battles one of the toughest downturns in the industry’s history,…
Amid the gloom, De Beers sees glimmer of hope
SHOPPING for platinum jewellery, especially of the bridal variety, has become more expensive in the past year thanks to the 35% improvement in the metal’s price. But for a good…
Consortinum led by ex-De Beers boss leads race to buy miner
A CONSORTIUM led by Gareth Penny, the former CEO of De Beers, has emerged as the frontrunner to acquire the world’s largest diamond miner as the Iran conflict disrupts rival…
Anglo unveils new deal to sell Aussie coal mines for $3.86bn
ANGLO American today announced the sale of its remaining steelmaking coal assets in Australia, a critical step in a restructuring unveiled two years ago to the month. Anglo said…
Still no firm date for the divestment of De Beers by Anglo American
Anglo American expects to agree the sale of its steelmaking coal business within the next three months but still has not provided a specific target date for the disposal of De…
Angola targets 7% diamond output rise amid price slump
ANGOLA is targeting a 7% increase in diamond production this year, betting that higher volumes will offset a prolonged weakness in global prices, said Bloomberg News. Africa’s…