BusinessDay – De Beers deal ‘signals loss of faith’ by diamond dynasty
The Oppenheimers’ $5,1bn sale of their 40% stake in De Beers to Anglo American was in effect a disinvestment from South Africa, the chairman of Parliament’s mineral resources committee, Fred Gona, charged on Wednesday.
His concerns echo miners’ unease about South Africa as a destination for investment after calls by the African National Congress Youth League for mines to be nationalised. Recently, large resource groups announced they were scaling back their interests in South Africa.
Mr Gona said the Oppenheimers’ withdrawal from the diamond producer after a history of nearly 100 years of mining was a “seriously worrying sign that they have lost confidence in South Africa”.
Strange Random Diamond Quote:
“I never hated a man enough to give him his diamonds back” – Zsa Zsa Gabor
- Anglo American takes over diamond miner De Beers (sfgate.com)
- Anglo American takes control of De Beers (cbc.ca)
- Anglo American gains controlling stake in De Beers (guardian.co.uk)
- De Beers sale signals end of an empire (independent.co.uk)
- Diamonds are not forever, decides S African dynasty (europebiz.wordpress.com)
- Buying to sell (economist.com)
- Anglo’s $5.1 Billion Deal Ends Oppenheimer’s De Beers Dynasty (businessweek.com)
- Anglo American takes over diamond miner De Beers (seattlepi.com)
- Anglo American takes over diamond miner De Beers (seattletimes.nwsource.com)
Posted on November 10, 2011, in Article and tagged Africa, African National Congress Youth League, Anglo American, Anglo American PLC, Botswana, De Beers, Diamond, Nicky Oppenheimer, Oppenheimer, South Africa, Zsa Zsa Gabor. Bookmark the permalink. Leave a comment.