Anglo American, the parent company of De Beers, has begun discussions with multiple banks regarding a potential initial public offering (IPO) for the diamond miner, according to a Bloomberg report. This move is part of Anglo American’s restructuring plan, announced last year, to divest De Beers and other non-core assets in order to focus on its primary businesses. At the same time, the company is exploring the possibility of selling De Beers outright. “Anglo is
Petra Diamonds has dismissed claims by South Africa’s National Union of Mineworkers (NUM) that it plans to lay off 468 employees due to ongoing challenges in the diamond market. The company clarified that only 84 employees from its Cullinan and Finsch mines in South Africa will be affected, significantly fewer than the number reported by the union. NUM alleged that Petra intended to replace permanent employees with contract workers to cut costs. However, a company
Namibia’s diamond production rebounded sharply in January 2025, with the Diamond Production Index rising by 34.9% after a 6.1% decline in December 2024, according to the Namibia Statistics Agency (NSA). On an annual basis, the index recorded a 14.3% increase, driven by higher diamond output, as total production reached 241,393 carats, surpassing the 178,890 carats produced in December 2024 and the 211,108 carats from January 2024. This surge in diamond production was the key driver
Anglo American has initiated preliminary discussions with banks regarding the potential listing of its De Beers diamond unit, as the company moves forward with the final phase of its comprehensive restructuring plan. The company is pursuing a dual-track strategy: seeking a buyer for De Beers while preparing for an initial public offering (IPO) as a backup option. This marks a significant step in Anglo’s commitment to exit the diamond business, a promise made last year
Diamond exports from the Democratic Republic of Congo (DRC) generated $89 million in revenue in 2024, according to the latest statistics from the Ministry of Mines. The total exports amounted to 9,240,714.14 carats during the year. An analysis of the Ministry’s 2024 annual report reveals a growth of 11.26% in diamond exports compared to 2023, when exports totaled 8,305,796 carats. The report indicates that artisanal mining dominated diamond production in the DRC, with over 6,353,613.89
Five diamond diggers tragically lost their lives on Saturday, March 22, following a land collapse in the Kanfuma mining area, located in the diamond-rich territory of Tshikapa, in the Kasai province of the Democratic Republic of Congo (DRC). The incident occurred after heavy rains on the night of Friday, March 21, which weakened the walls of a diamond pit. The collapse resulted in the deaths of the five diggers working at the site. Their bodies
Petra Diamonds plans to lay off approximately 468 workers at its Cullinan and Finsch mines in South Africa, according to the National Union of Mineworkers (NUM). NUM claims Petra intends to replace many of its permanent employees with contract labor to cut costs. The union attributes the job cuts to weak diamond market conditions, operational underperformance, upcoming debt refinancing, and cost-cutting measures. “The NUM believes these justifications are pretexts to sacrifice workers and shield executives
Australia-listed Lucapa Diamond Company has finalized its Mineral Investment Contract (MIC) for the Lulo Joint Venture (JV) in Angola, increasing its ownership stake to 51%. During a three-day meeting in Angola, the MIC committee and JV partners—including Endiama, Rosas & Petalas, and Lucapa—agreed on all outstanding details. The final agreement has now been submitted to the Angolan Ministry of Mineral Resources and Petroleum for formal signing. A signing ceremony is expected soon, with Lucapa set
The exit of Russian diamond company Alrosa from Angola’s Catoca and Luele mines was officially finalized on Monday through the signing of three agreements between Endiama, Angola’s national diamond company, and Taaden, a state-owned mining company from Saudi Arabia. Endiama Chairman José Ganga Júnior explained that Alrosa’s departure was driven by operational difficulties stemming from sanctions imposed on Russia. Over the past 15 months, efforts were made to secure a viable solution for Catoca and
The Namibia Revenue Agency (NamRA) anticipates a N$6 billion decline in tax revenue from the diamond sector this year due to weak global prices. NamRA Commissioner Sam Shivute attributed the shortfall to the struggling diamond market but highlighted that increased tax collections from the mining, fishing, and tourism sectors had helped mitigate the impact. “We have collected N$83 billion for the 2024/2025 financial year. Despite losing N$6 billion in diamond tax revenue, we are still
