Anglo American "Talking to Banks about De Beers IPO"
March 27, 25
(IDEX Online) - Anglo American is reportedly in talks with banks about an IPO (initial public offering) for De Beers, its loss-making diamond unit, as a possible alternative to a sale.
Anglo announced plans in May 2024 to offload its less profitable assets and focus its efforts primarily on copper, a much-needed commodity for electric vehicles and many other industries.
It has since agreed sales of its coal and nickel mines, and is expected to do likewise with platinum later this year, but has so far reported no progress on De Beers.
Anglo is now in initial talks with banks about an IPO for De Beers, in case it fails to find a buyer, according to a Bloomberg news report.
Last month Anglo CEO Duncan Wanblad (pictured) said the divestment of De Beers would be "substantively complete" by the end of this year.
He said the 136-year-old diamond miner would be "fully set up as a standalone business", to ensure it didn't have a negative impact on Anglo's operations.