DiamondBuzz
Anglo American reshapes leadership as it narrows focus; De Beers CEO retains key role
Anglo American has announced a streamlined executive leadership structure as it continues to sharpen its focus on core businesses, including copper, iron ore, crop nutrients—and diamonds through De Beers Group.
While the company has completed the demerger of Valterra Platinum and is exiting steelmaking coal and nickel, De Beers remains strategically significant. Al Cook, CEO of De Beers Group, will continue to be part of Anglo American’s executive leadership team until the planned separation of the diamond business progresses further.
From 1 July, Al Cook will continue to represent De Beers at the group’s top level, reinforcing its integral role during this transitional phase.
DiamondBuzz
Lesotho’s Kao Diamond Mine To Halt Operations Amid Industry Slump
The Mine’s Operator, Storm Mountain, Cited A Severe Financial Crisis Driven By A Prolonged Drop In Global Rough-diamond Prices, Rising Middle East Conflict
Lesotho’s largest diamond mine, Kao, will cease operations on June 30 and transition to care and maintenance. The mine’s operator, Storm Mountain, cited a severe financial crisis driven by a prolonged drop in global rough-diamond prices, rising Middle East conflict-related fuel costs, and stiff competition from lab-grown diamonds.
Despite a warning last October that the mine required $13 million in fresh capital to survive, the necessary investment did not materialise. According to CEO Neo Hoala, the steep market decline made continued operations unsustainable. The shutdown will impact roughly 750 workers.
The mine’s financial downturn is stark: in 2024, Storm Mountain sold 250,000 carats for $50 million—a massive drop from its $105 million revenue in 2022. Kao’s suspension reflects a broader crisis in the diamond sector, following recent insolvencies and closures at Canada’s Ekati mine and South Africa’s Ekapa and Finsch mines.
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Lesotho’s Kao Diamond Mine To Halt Operations Amid Industry Slump
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