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Penny ticks the boxes for De Beers, says industry CEO
['Brendan Ryan']
Miningmx
THE depressed diamond market will turn around only if Anglo American choses an “acceptable” buyer for De Beers and the only bidder exhibiting all the key requirements to be acceptable is the consortium led by former De Beers CEO, Gareth Penny.
That’s the view of Botswana Diamonds MD James Campbell who is now exploring for copper projects in Botswana because of the grim state of the diamond business.
According to Campbell, an acceptable buyer has to meet four key requirements.
Campbell singled out marketing as arguably the key issue in the demise of De Beers commenting, “20 years ago De Beers was worth $12bn.
We will not go below a 15% discount because that would not be fair to our shareholders.”He added, “the mission of Botswana Diamonds was and still is, diamonds.