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Exclusive-Angola Seeks 20%-30% Stake in De Beers, Senior Official Says

On Thursday, Anglo American warned it may take a third writedown as it pursues a De Beers sale, which has struggled for nearly two years to attract a buyer.
Weakened consumer demand and the rise of lab-grown gems have undercut prices as younger buyers shift preferences and retailers and manufacturers hold their largest polished-stone stockpiles in years.
Analysts say De Beers spans mining, marketing and retail, making valuation complex, with Anglo recording a $2.9 billion drop last year and a $1.6 billion charge the year before.
Botswana has pushed to acquire a controlling stake as the IMF cautioned that increasing state resources in diamonds could heighten fiscal risks, after a failed deal last year.
A crowded field of private bidders, sovereign funds, and at least three sub-Saharan governments presents a political and financial opportunity, encouraging patience from sellers, Anglo American said.

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Exclusive-Angola seeks 20%-30% stake in De Beers, senior official says

By Olivia Kumwenda-Mtambo and Wendell Roelf CAPE TOWN, Feb 8 (Reuters) – Angola is pursuing a 20%-30% stake in Anglo American’s diamond unit De Beers, a proposal being discussed with other diamond-producing African nations, a senior official from ‍Angola’s mining ministry told Reuters on Sunday. De Beers, one of the world’s leading diamond companies with operations spanning Botswana, Namibia, Angola, South Africa and Canada, has been put up for …

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De Beers sale drags in diamond doldrums

Even with its legendary image of glitz and glamour, diamond icon De Beers has struggled to attract a buyer after nearly two years on a market dulled by falling prices and the allure of lab-grown gems.

8 days ago

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