"No Hurry" to Sell off De Beers
June 23, 24
(IDEX Online) - Anglo American is in no hurry to spin off De Beers, according to Mountain Province, a joint venture partner with the UK-based diamond miner.
Mark Wall, CEO at Mountain Province, told Reuters: "I have had many discussions (with De Beers Canada). What I am getting is no one is rushing into anything. There is an acceptance that this is going to take some time."
Toronto-based Mountain Province operates the Gahcho Kue mine in Northwest Territories, Canada, as a joint venture (De Beers 51 per cent, Mountain Province 49 per cent).
Anglo announced plans to sell off loss-making De Beers and focus on copper and other more profitable activities last month during a failed takeover bid by Australian mining giant BHP.
Anglo's CEO Duncan Wanblad has said that restructuring the company - which also includes ditching its platinum operation - is likely to take 18 to 24 months.
Pic shows a diamond mined at .Gahcho Kue.