Anglo American to sell or spin off its diamond business

Anglo American plans to divest or demerge its De Beers diamond business in Southern Africa.

Following completion of the asset review initiated during 2023, Anglo American announces plans to implement a number of major structural changes to accelerate delivery against its strategic priorities of operational excellence, portfolio simplification, and growth.

This includes divestment of steel-making coal, and divestment or demerging of Anglo American’s De Beers diamond business. Nickel and platinum businesses are also affected by the move, and might be divested.

In a press statement, Anglo American writes: “Having made significant progress towards finalising the sales agreement with the  Government of the Republic of Botswana, Anglo American is exploring the full range of options  to separate the business in order to set it up for success in unlocking full value from its new Origins  strategy, its world-class assets and its iconic brand. This will provide both Anglo American and  De Beers with a new level of strategic flexibility to maximise value for both company’s Shareholders”.

Duncan Wanblad, Chief Executive of Anglo American, said: “We set out our clear strategic priorities earlier this year – operational excellence, portfolio simplification, and growth. Our decision to focus Anglo American’s portfolio in our world-class resource asset base in copper and premium iron ore – while retaining our crop nutrients optionality at Woodsmith – marks a major new phase in executing our strategy.