Mountain Province, a partner of Anglo American’s diamond mining arm De Beers, has indicated that there’s no rush to proceed with the spin-off of De Beers. Mark Wall, CEO of Mountain Province, shared with Reuters that discussions with De Beers Canada have conveyed a consensus to take things slowly, acknowledging that the process will require time.
Mountain Province, headquartered in Toronto, operates the Gahcho Kue mine in Canada’s Northwest Territories as a joint venture, with De Beers holding 51 percent ownership and Mountain Province holding 49 percent.
The decision to delay the spin-off comes in the wake of Anglo American’s recent announcement to divest from De Beers, citing its financial losses, and instead concentrate on more profitable ventures like copper mining. This declaration came amid a failed takeover bid by the Australian mining giant BHP.
Anglo American’s CEO Duncan Wanblad has forecasted that the restructuring process, which also involves shedding its platinum operations, will likely span a period of 18 to 24 months.
