London, February 10, 2026, 08:54 GMT — Regular session
- Anglo American slipped roughly 0.4% in early London trading, giving back a bit following Monday’s surge.
- De Beers is back under the microscope, with Angola now seeking a 20%-30% ownership stake as the sale process picks up steam.
- Anglo’s full-year numbers are due out February 20, and the market is watching closely.
Shares of Anglo American slipped 0.42% to 3,531 pence as of 08:54 GMT on Tuesday, after earlier gains gave way amid reports suggesting the sale of diamond arm De Beers could get trickier.
De Beers pulling out is a big deal for Anglo, since it’s central to the company’s overhaul and cash recycling strategy. Getting several governments involved might open doors politically—though it also risks dragging out the process and complicating who holds sway, how prices are set, and who calls the shots on governance.
Eyes are on the diamonds market, too. Prices keep slipping. With lab-grown stones cutting into demand for mined gems, buyers are hesitant and sellers are finding themselves with little bargaining power.
Angola wants to secure a 20% to 30% holding in De Beers and has been floating the proposal with fellow African diamond producers, a senior official at the nation’s mining ministry told Reuters. “Taking the majority stake within luxury commodities is very dangerous,” said Paulo Tanganha, who clarified Angola’s preferred range is “between 20% and 30%” for risk control. So far, discussions with Botswana, Namibia and South Africa haven’t yielded a unified stance. Reuters
Duncan Wanblad, CEO of Anglo, told the Financial Times he expects De Beers to go to a public-private consortium, aiming to close the deal within the year, Alliance News reported. Botswana will “almost certainly” lift its current 15% stake, Wanblad said, and Angola and Namibia have both shown interest. MarketScreener
Anglo American slipped early after a strong session Monday, when shares jumped 3.23% to finish at £35.46—well ahead of the broader market.
Anglo’s full-year numbers drop Feb. 20, marking the next major event for the stock. Investors are zeroed in on De Beers—specifically, valuation details and the pace of any potential exit. The context: diamond demand isn’t what it used to be, and lab-grown competition keeps ramping up.
The risks are obvious. Should new state-backed financing fall short, or if official demands clash with what private buyers are willing to accept, the sale could stall and valuations may come up short. On the diamond front, sluggish demand recovery would weigh on both profits and eventual sale prices.
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