Anglo American is focused on maximizing its value as it prepares for a possible new acquisition bid and expects substantial progress on the long-awaited spin-off of its De Beers diamond business, CEO Duncan Wanblad said on Monday.
The company rejected a $49 billion hostile takeover attempt from BHP in May 2024, which targeted its copper assets.
Since then, Anglo—one of the best-performing major miners last year—has streamlined its portfolio by divesting coal assets and announcing plans to separate its platinum business.
The miner is still seeking buyers for its nickel operations in Brazil and partners for its UK fertilizer project, which requires significant investment to reach commercial production.
However, spinning off De Beers could provide a major valuation boost, particularly given the current weak demand for diamonds.
Anglo initially estimated it would take 18 months to two years to complete the De Beers spin-off, though analysts have questioned the feasibility of this timeline.
Wanblad, however, remains confident, stating that the divestment will be “substantively complete” by the end of 2025.
Botswana, which holds a 15% stake in De Beers, has expressed interest in increasing its share. “They have indicated a desire to expand their stake and have said they would do so on commercial terms,” Wanblad said, without specifying the extent of the potential increase.
Without De Beers, Anglo could become an even more attractive takeover target due to its long-life copper assets in Latin America, which are vital for green energy transitions and AI-driven data centers.
While Wanblad acknowledged that industry consolidation can drive corporate financial gains, he emphasized his commitment to delivering maximum value for shareholders. “If this company is fully valued and someone makes a high-premium offer, fantastic,” he remarked.
