South African Mining Giant Anglo American Nears $1 Billion Sale of Africa's Largest Diamond Company, De Beers.

Mining giant Anglo American Plc is reportedly in advanced talks to sell its 85% stake in De Beers to the Global Diamond Consortium for approximately $1 billion. The consortium is led by former De Beers CEO Gareth Penny, with the deal expected to include $750 million upfront, $250 million in deferred payments, and a $500 million capital injection. The proposed sale comes as the global diamond industry grapples with falling prices, driven by weaker luxury demand, slower economic growth, and increasing competition from lab-grown diamonds. Meanwhile, Botswana; Africa's second-largest diamond producer, has insisted on retaining a strategic role in the future of De Beers, underscoring the company's importance to the country's economy.