Anglo American CEO Duncan Wanblad has declined to confirm reports that De Beers could be sold for around $1 billion, saying negotiations over the diamond business are still underway.
Speaking after Anglo American reported strong interim results, Wanblad said De Beers remains in a competitive sale process and that its final selling price will only become clear once negotiations are concluded.
“We are absolutely still in a competitive process,” Wanblad said.
“We are nearing the end stages of that process, but it's not done until it's done. And these negotiations are ongoing at the moment.”
The proposed sale forms part of Anglo American’s wider strategic restructuring, which also includes the planned divestment of its steelmaking coal and nickel businesses.
Wanblad said the company was in the advanced stages of the De Beers sale but could not provide a reliable estimate of the final price.
“So, I actually don't know realistically what the actual end price is going to be until we actually get through these negotiations,” he said.
He said Anglo American’s restructuring was progressing well, with the group placing greater emphasis on copper as a key driver of future growth.
Wanblad was also asked whether a $1 billion valuation would be disappointing for De Beers, once regarded as one of Anglo American’s most valuable and prominent businesses.
He dismissed the suggestion, saying the company had no regrets about the decision to sell.
“There's no sadness here. There's no regret here. This is an excellent business. It is in the process of transition. It's being shaped and reshaped as market forces require it to do,” Wanblad said.
The global diamond industry has faced mounting pressure, including increased competition from lab-grown diamonds and changing consumer preferences.
Wanblad acknowledged that De Beers has had to adapt to the changing market but said the company remains a strong business with a long history.
He said valuations naturally change over time and argued that a change in ownership could give De Beers the opportunity to strengthen its position in the evolving natural diamond market.