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Diamonds News
Lucapa puts Lesotho diamond mine up for sale
By: Mariaan Webb Updated 3 hours ago Australia-listed Lucapa Diamonds on Wednesday announced the planned divestment of its 70% interest in the Mothae mine, in Lesotho. This follows a review of the asset portfolio by the company’s newly structured board of directors. →
De Beers IPO considered amid break-up plans, sources say
By: Reuters Updated 4 hours ago Anglo American is exploring an initial public offering of its diamond business De Beers, two people familiar with the matter told Reuters on Tuesday, with one flagging London as the preferred venue. The potential listing was the default option, the second person said, although the process is at... →
Anglo ditching De Beers is hard blow for troubled diamond market
By: Bloomberg Updated 5 hours ago The diamond industry has already been feeling the heat. Prices have slumped, Russian sanctions are threatening trade and the emergence of lab-grown gems is eating into some key traditional markets. Now, the sector’s most dominant name is being cast adrift. Anglo American on Tuesday said it will... →
Mantashe warms to Anglo plan after opposing BHP bid
By: Bloomberg 14th May 2024 South Africa’s mines minister struck a conciliatory tone as Anglo American Plc announced plans to separate its platinum unit as part of a major shakeup following its rejection of two approaches from BHP Group. “It is their strategy and they must do anything that will optimize value,” Mines... →
All-round value unlock targeted in proposed demerging of Anglo Platinum and De Beers 
By: Martin Creamer 14th May 2024 Diversified mining major Anglo American is targeting value elevation in its planned demerging of South Africa-based Anglo American Platinum (Amplats) and the envisaged divestment or demerger of Southern Africa-dominant De Beers. In rejecting BHP’s second takeover offer, Anglo intends reshaping... →
Investors expect BHP to lift Anglo American offer again
By: Reuters 14th May 2024 BHP is likely to sweeten its $43-billion takeover offer for Anglo American for a second time and possibly add cash, investors in both companies said on Tuesday, after the London-headquartered target rejected a higher bid. Anglo said the improved all-share offer, up 10% from BHP's initial... →
Analysts highlight concerns over valuation, regulatory hurdles in BHP-Anglo proposal
By: Mariaan Webb 14th May 2024 The rejection – for the second time – of BHP’s attempt to propose a deal with Anglo American underscores the concerns that continue to persist regarding value and regulatory hurdles in the proposed transaction. Responding to the latest developments in the BHP-Anglo takeover, CreditSight analysts... →
Anglo investors tell company to move faster to survive BHP bid
By: Bloomberg 13th May 2024 Anglo American’s shareholders are pushing the company to speed up the release of its turnaround plan as the 107-year-old miner seeks to present an alternative to BHP Group’s takeover bid. Anglo has been reviewing its business since mid-2023, looking at every mine in its portfolio to help reshape... →
Lucara achieves solid quarter at Karowe, underground expansion progressing
By: Tasneem Bulbulia 10th May 2024 Diamond miner Lucara Diamond Corp’s Karowe diamond mine, in Botswana, delivered another solid operational quarter ended March 31, and the company’s high-value diamond production forecast remains robust, underpinned by its focus on operating practices, CEO and president William Lamb says. Work on... →
Anglo American's South Africa investors open to improved BHP bid, FT reports
By: Reuters 10th May 2024 Anglo American's key South African shareholders are open to a takeover offer from BHP, with some advocating for an additional cash component to the bid, the Financial Times reported on Thursday. The investors who collectively hold more than 15% of Anglo American, told FT that BHP, the world's... →
Botswana vows to protect interests in potential BHP-Anglo deal
By: Bloomberg 9th May 2024 Botswana President Mokgweetsi Masisi vowed to protect the country’s interests, including its 15% stake in diamond giant De Beers, should BHP Group acquire Anglo American. Anglo, which rejected a BHP proposal valuing the mining company at about $39 billion, owns the other 85% of De Beers. Under... →
De Beers progresses diamond traceability, emissions reduction targets
By: Chanel de Bruyn 9th May 2024 As part of efforts to provide increased provenance across the diamond industry, De Beers plans to bring the first non-De Beers Group goods onto its Tracr platform this year. The Tracr platform uses blockchain, AI, the Internet of Things and advanced security and privacy technology to track a... →
South African unions urge Anglo shareholders to reject BHP bid
By: Bloomberg 7th May 2024 South Africa’s biggest labour union federation urged local shareholders, including the powerful Public Investment Corporation (PIC), to oppose BHP Group’s bid to buy Anglo American. The Congress of South African Trade Unions (Cosatu), which includes the National Union of Mineworkers (NUM) among... →
BHP insists Anglo American's South African assets must go in any takeover, sources say
By: Reuters 7th May 2024 BHP's plan to divest the South African assets of its target Anglo American are key to the strategy behind the proposed takeover and is expected to be a part of any revised offer, investors briefed on the miner's thinking said. The "Big Australian" was rebuffed by its smaller rival on April 26... →
Anglo CEO meets South Africa's mines minister after BHP's takeover proposal
By: Reuters 3rd May 2024 Anglo American CEO Duncan Wanblad is meeting on Friday South African mines minister Gwede Mantashe for the first time since the miner rejected BHP Group's $39 billion takeover bid, a source familiar with the matter told Reuters. BHP, the world's biggest-listed mining group, is privately talking... →
What’s Anglo worth? For now it’s less than the sum of its parts
By: Bloomberg 3rd May 2024 As BHP Group considers its next move, there’s one big question facing the mining world’s bankers, analysts and executives at rival producers: What’s Anglo American actually worth? Anglo’s shares are trading about 8% above the price implied by BHP’s initial proposal, which was swiftly and firmly... →
Diamcor announces C$1.5m private placement
By: Sabrina Jardim 2nd May 2024 Diamond mining company Diamcor Mining plans to complete a non-brokered private placement financing of up to C$1.5-million, and anticipates that an aggregate of up to C$1.25-million of the financing will be subscribed to by existing larger shareholders, management and directors. The company says... →
Alrosa says output stable amid Western sanctions
By: Reuters 2nd May 2024 Russian diamond miner Alrosa has no plans to reduce production amid tougher Western sanctions, its CEO Pavel Marinychev said on Thursday. The Russian finance ministry said last month that Russia will regularly buy diamonds from the sanctions-hit producer through a state fund, suggesting that... →
BHP woos South Africa in pursuit of $39bn Anglo takeover
By: Bloomberg 2nd May 2024 BHP Group has deployed a team of senior executives to South Africa as the world’s largest miner ramps up efforts to win over government officials, regulators and local shareholders, all of whom could yet determine the outcome of its proposed tie-up with rival Anglo American. The executives have... →
South Africa's Mineral Resources and Energy Minister Gwede Mantashe
Anglo to meet top shareholders on BHP bid as takeover rules restrain AGM
By: Reuters 2nd May 2024 Anglo American's chair will meet its top 30 shareholders to hear views on BHP's $39-billion bid for the miner, he told an annual general meeting on Tuesday, where he was restricted from discussing the spurned offer by takeover regulations. Anglo rejected the offer on Friday, saying it was... →
Anglo American takeover price needs to surpass £30 a share, survey shows
By: Bloomberg 30th April 2024 A takeover of Anglo American would need to be pitched at more than £30 ($37.6) a share, a higher price than BHP Group offered last week, according to analysts and traders surveyed by Bloomberg. Anglo American shares are trading above the value of BHP’s rebuffed $39-billion takeover proposal, a... →
Gem recovers another greater-than-100-ct diamond
By: Creamer Media Reporter 30th April 2024 London-listed Gem Diamonds has recovered a 118.74 ct Type II white diamond recovered at its 70%-owned Letšeng mine, in Lesotho. This is the fifth diamond weighing more than 100 ct to be recovered at the mine this year. →
Anglo under pressure to reveal plans to fend off BHP as Elliott hikes stake
By: Reuters 30th April 2024 Anglo American faced calls from shareholders on Monday to detail plans for improving its value in order to fend off bidder BHP, as activist investor Elliott further raised the stakes by increasing its holding in the takeover target. BHP, the world's biggest listed mining group, is privately... →
BHP tells investors Anglo bid is 'on strategy', stresses discipline
By: Reuters 29th April 2024 BHP has told Australian investors privately that its $39-billion Anglo American bid is in line with its strategy and that it will be disciplined in its approach, two fund sources said. The world's biggest listed mining group is weighing up its next move after its initial takeover proposal for... →
BHP considering improved proposal for Anglo American, sources say
By: Reuters 29th April 2024 BHP Group is considering making an improved offer for Anglo American after its $39-billion initial proposal was rejected by the London-listed miner, a source familiar with the matter told Reuters. BHP is in discussions on a revised bid for Anglo American to be made in coming weeks, the source... →
Anglo snubs BHP’s ‘highly unattractive’ proposal
By: Mariaan Webb 26th April 2024 Diversified miner Anglo American has firmly rebuffed a $38.8-billion proposal from mining heavyweight BHP, with chairperson Stuart Chambers dismissing the nonbinding offer as “highly unattractive”. In a statement released on Friday, Chambers labelled the BHP proposal as opportunistic and lacking... →
Anglo’s stumbles have made it prey for mining’s biggest predator
By: Bloomberg 26th April 2024 When former boss Mark Cutifani left Anglo American in mid-April 2022, things had rarely looked better for the century-old miner. Metals prices soared as the world emerged from lockdowns, the company had recently posted its best-ever annual profit and the popular industry veteran was handing over... →
Mantashe signals opposition to BHP-Anglo deal
By: Bloomberg 25th April 2024 South African Mines Minister Gwede Mantashe signaled his opposition to BHP Group Ltd.’s proposed takeover of Anglo American. The offer by the world’s largest miner envisages an all-share deal in which Anglo American would first spin off controlling stakes in South African platinum and iron-ore... →
Gem to report 15% q/q rise in carat sales for the first quarter
By: Creamer Media Reporter 25th April 2024 London-listed Gem Diamonds notes in a trading update for the first quarter of this year that it sold 32 571 ct of diamonds recovered from its 70%-owned Letšeng mine, in Lesotho. This represents a 15% increase on the 28 402 ct sold in the fourth quarter of 2023. →
Anglo shareholder LGIM says BHP approach 'unattractive'
By: Reuters 25th April 2024 Legal & General Investment Management, one of the 20 largest shareholders in Anglo American said an approach by BHP Group is "highly opportunistic" and "unattractive". "As with many other UK-listed companies, we believe the valuation of Anglo American to be depressed and regard the proposed... →
How 30 years of democracy has transformed South Africa's mining industry
By: Martin Creamer 25th April 2024 South Africa’s 30 years of democracy has changed the character of this country’s mining industry profoundly, Minerals Council South Africa emphasised in a report that highlights the industry’s significant advance since the dawning of democracy in 1994. Importantly, South Africa’s highly regarded... →
BHP makes £31bn offer for Anglo American
By: Mariaan Webb 25th April 2024 Diversified mining major BHP on Thursday announced a proposed all-share offer that values Anglo American at £31.1-billion. The deal has the potential to transform the mining industry landscape. BHP offered Anglo shareholders £25.08 a share, including £4.86 a share for Anglo American Platinum... →
Diamond council urges industry to transition to revised System Of Warranties urgently
By: Darren Parker 24th April 2024 The World Diamond Council’s (WDC’s) revised System of Warranties (SoW) is set to reach its first critical deadline on September 21, when it becomes obligatory for all rough diamond sales. “We strongly urge all companies, but especially . . . rough diamond traders, to transition to the revised... →
Anglo pleased with copper's first-quarter performance
By: Martin Creamer 23rd April 2024 Copper production increasing by 11% as Quellaveco achieved its highest plant throughput rate in Peru, and Collahuasi and El Soldado in Chile benefitting from higher copper grades were among the first-quarter performance aspects that pleased diversified mining company Anglo American in the three... →
De Beers lowers full-year production guidance on high market inventory levels
By: Creamer Media Reporter 23rd April 2024 Diamond miner De Beers, a subsidiary of diversified miner Anglo American, has lowered its production guidance for the 2024 full-year to between 26-million and 29-million carats in response to the higher-than-average levels of inventory in the market and expectations of only a gradual recovery in... →
Lucapa sells three diamonds for $10.5m in first tender
By: Marleny Arnoldi 22nd April 2024 ASX-listed Lucapa Diamond Company has sold three exceptional diamonds recovered from the Lulo mine, in Angola, for $10.5-million at tender. The tender was concluded on April 19 and was conducted by Sodiam, in Luanda. →
Gem Diamonds recovers 169 ct diamond in Lesotho
By: Marleny Arnoldi 22nd April 2024 London-listed Gem diamonds has recovered a 169.15 ct Type II white diamond from the Letšeng mine, in Lesotho. The find marks the fourth diamond greater than 100 ct that Gem has recovered in the year-to-date. →
Minerals Council South Africa setting out to boost local demand for green hydrogen
By: Martin Creamer 17th April 2024 Minerals Council South Africa is focused on increasing the domestic demand for green hydrogen, which it sees as contributing to the kickstarting of the hydrogen economy in South Africa. “The applications that we’re looking at are stationary as well as mobility applications of using hydrogen... →
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