JOHANNESBURG - Anglo American CEO Duncan Wanblad has declined to confirm reports that De Beers could be sold for around $1 billion, saying the diamond business remains in a competitive sale process and that the final price will only be known once negotiations are complete.
"We are absolutely still in a competitive process," Wanblad said.
"We are nearing the end stages of that process, but it's not done until it's done. And these negotiations are ongoing at the moment."
In an exclusive interview with eNCA after Anglo American reported strong interim results, Wanblad said the company was in the advanced stages of divesting De Beers as part of its strategic overhaul, alongside the sale of its steelmaking coal and nickel businesses.
"So, I actually don't know realistically what the actual end price is going to be until we actually get through these negotiations."
He described the group's restructuring as being well on track, with a renewed focus on copper-led growth.
Asked whether a $1 billion valuation would be disappointing for a company once regarded as the crown jewel of Anglo American, Wanblad said there was "no sadness" or regret.
"There's no sadness here. There's no regret here. This is an excellent business. It is in the process of transition. It's being shaped and reshaped as market forces require it to do."
He acknowledged that the global diamond industry has faced significant pressure, particularly from the rise of lab-grown diamonds, forcing De Beers to adapt to changing market conditions.
Wanblad said De Beers remains an excellent business with a rich history but argued that valuations change over time and that new ownership would give the company the best opportunity to succeed in the evolving natural diamond market.