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
The Government of the Republic of Botswana (GRB) and De Beers Group have successfully concluded negotiations for a new sales agreement governing Debswana’s rough diamond production. This agreement also includes an extension of Debswana’s mining licenses beyond 2029, marking a significant milestone in their longstanding partnership. The development follows the Heads of Terms agreed upon on September 30, 2023. Debswana, a 50:50 joint venture between GRB and De Beers, operates some of Botswana’s most prominent
India is emerging as a bright spot for cut and polished diamonds, despite a slowdown in key markets such as the US and China, according to Amit Pratihari, Managing Director of De Beers India, in an interview with Reuters on Wednesday. India remains the world’s largest hub for cutting and polishing diamonds, accounting for approximately 90% of the world’s polished diamonds, according to Indian government data. This year, however, the country’s exports of cut and
Botswana’s President, Duma Boko, who secured a victory in October’s elections, announced that his government has reached a diamond extraction and sales agreement with De Beers, providing much-needed certainty to the nation’s gem-dependent economy. The terms of the deal were finalized by midnight on January 24, and an official announcement is expected soon. Botswana is the world’s leading producer of rough diamonds by value, with the industry accounting for the majority of its income. Most
De Beers has announced Botswana-born Olympic gold medalist Letsile Tebogo as its new global ambassador, further strengthening the company’s ties to the nation where it has played a pivotal role in economic development. Tebogo made history at the 2024 Olympics by clinching gold in the 200-meter race and was later named World Athletics Male Athlete of the Year. This partnership between De Beers and Tebogo underscores Botswana’s remarkable transformation into a leading diamond-producing country, a
Lucapa Diamond Company (ASX: LOM) has achieved significant results from the first geophysical survey conducted in 25 years at its Merlin diamond project in the Northern Territory, utilising advanced exploration technology. A preliminary review of the electromagnetic (EM) survey data revealed two large, highly conductive base metal targets, prompting the company to plan follow-up ground-based geophysics to further define these targets. A second phase of survey data processing is in progress, aimed at identifying new
Canadian miner Mountain Province Diamonds achieved record-breaking production at its Gahcho Kué mine in 2024, despite facing significant challenges in the global diamond market. “2024 was a year of production records and cost control, overlaid with a challenging diamond price environment,” CEO Mark Wall stated on Thursday. The company struggled with a down-cycle in the diamond market, with its average annual realized price dropping to $98 per carat—a sharp decline from $121 per carat in
South Africa-focused miner Petra Diamonds has agreed to sell its 75% stake in Tanzania’s Williamson Diamonds Limited (WDL) to Pink Diamonds Investments for up to $16 million (£13 million). The remaining 25% of WDL is owned by the Government of Tanzania. WDL operates the Williamson open-pit diamond mine, with Petra acquiring its majority stake in 2009. The buyer, Pink Diamonds Investments, is affiliated with Taifa, a fully Tanzanian-owned company and the long-term technical services contractor
State-owned miner NMDC Limited is set to produce 6,500 carats of diamonds, valued at $3.4 million (₹294.13 million), during the current fiscal year from its Panna mine in Madhya Pradesh, India. The mining operation resumed following the receipt of clearances last year, according to Reuters. The company previously faced a more than three-year halt in operations due to delays in securing environmental approvals, largely stemming from the mine’s proximity to a tiger reserve. In a
Australia’s Lucapa Diamond Company has announced the discovery of two large, highly conductive base metal targets at its Merlin Diamond Project in the Northern Territory, marking a significant step in the project’s exploration potential. The findings stem from the first geophysical survey conducted at Merlin in 25 years, unveiling opportunities for significant mineral discoveries. The targets were identified through a helicopter-borne time-domain electromagnetic (TDEM) survey, which covered the 234 km² project area, including the Merlin
