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Anglo American reducing De Beers overhead by $100mn a year

Anglo American plans to reduce De Beers’ annual overhead by $100 million, CEO Duncan Wanblad (pictured) announced during a Dec. 8 presentation for investors.

The cuts are part of an overall $1.8 billion decrease in capital expenditures that Anglo plans across its various businesses. Anglo American owns 85% of De Beers; the government of Botswana owns the other 15%.

Going forward, De Beers’ capital expenditures will be reduced, with exploration focused on the highest-value opportunities in southern Africa, Wanblad said. The company is still committed to ramping up Venetia in South Africa and taking the Jwaneng mine underground in Botswana.

“Long-term fundamentals [for diamonds] are strong, and we have access to the world’s best diamond assets,” said Wanblad.

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