Sunday, April 28, 2013

De Beers Official: Diamonds Pivotal For Anglo American

A senior official of diamond company De Beers says that the global mining company Anglo American has tied its own fate to that of the diamond industry, Rough and Polished reports. De Beers global head of corporate affairs David Prager attested to the importance of De Beers diamond mining projects to Anglo's overall portfolio.
Anglo purchased the Oppenheimer family's 40% share in DB Investments and De Beers SA for over $5 billion in 2012. With Anglo already owning 45% of the firm, the buyout catapulted its stake in De Beers to an 85% controlling interest.
Prager noted that once the sale of the Oppenheimer shares went through, Anglo signed off on the underground expansion of its Venetia diamond mine in the Limpopo province of South Africa. This $2 billion expenditure is proof positive of Anglo's vested interest in the diamond industry, according to Prager.
De Beers chief executive Philippe Mellier affirmed that Anglo was intensifying its ties to the diamond industry via De Beers, and that in his estimation this is a positive development.

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