Anglo American is in advanced negotiations to sell its 85% stake in De Beers for approximately $1 billion, a fraction of the historic valuations of the company. The mining group rejected a $50 billion takeover bid from BHP in 2024, and De Beers’ carrying value was written down to $2.3 billion in February 2026 following successive impairments. The decline in the rough diamond market, marked by competition from lab-grown diamonds and slowing Chinese demand, has weighed on prices and prompted Anglo American to exit the sector. A consortium linked to former CEO Gareth Penny, in coordination with the Botswana government holding the remaining 15%, is among the potential buyers. A sale at $1 billion would establish a baseline for valuing natural diamond businesses.
Source: Read the original article
