Anglo American is reportedly in discussions to sell its 85% stake in De Beers, its diamond business, for around $1 billion, with a consortium led by former De Beers CEO Gareth Penny as a potential buyer. The proposed deal would involve an upfront payment of about $750 million, with an additional $250 million paid at a later date. This potential sale comes after Anglo American had previously lowered the valuation of De Beers.
The London-based diversified miner had re-evaluated its portfolio after refusing a $50 billion takeover bid from BHP Group Ltd earlier in 2024. The company had written down the value of De Beers in February, indicating a strategic shift. Spokespeople for Anglo American and Gareth Penny's consortium declined to comment on the matter.
Separately, Anglo American reported its production results for the second quarter and first half of 2026. Copper production remained stable at 173,200 tonnes in Q2, with an annual projection of 700,000 to 760,000 tonnes. The company also significantly reduced its unitary copper cost guidance, particularly in Chile and Peru, due to factors like higher by-product credits and favorable exchange rates. The merger with Teck is progressing, with final regulatory approval from China being the last remaining hurdle, expected to close between September 2026 and March 2027.
