Anglo American pushes De Beers stake sale, pauses South Africa's Venetia mine

Anglo American is negotiating the sale of an 85% stake in its diamond subsidiary De Beers Group. The deal is expected to be worth around $10 billion, a steep decline from the $127.5 billion valuation when Anglo bought the stake in 2011, reflecting a 91% drop over 15 years. CEO Duncan Wanblad said the final price is still being determined and dismissed speculation that the transaction would fetch only $1 billion, adding that the company has no regret about the sale.

A consortium led by former De Beers chief executive Gareth Penny, the Global Diamond Consortium, is reported to be the leading bidder, though Anglo American has not confirmed an exclusive agreement. The sale is in its final stages, with regulatory reviews in the United States, China and Europe expected to take about a year.

Separately, De Beers announced a two‑year production pause at its Venetia mine in South Africa, its largest diamond mine, which accounts for more than 40% of the country’s diamond output by value and employs roughly 4,400 workers. The shutdown is part of cost‑cutting measures amid a weak natural‑diamond market and growing competition from lab‑grown stones.