Wednesday, October 21, 2020

Outgoing De Beers CEO purchases Anglo American shares

John Mills, Group Company Secretary at Anglo American has confirmed a purchase of ordinary shares by the group chairman, Mark Cutifani, outgoing De Beers Chief Executive Philippe Miller as well as the incoming Chief Executive Bruce Cleaver. 

The global mining giant said Thursday that the Company received notification on 15 June 2016 of transactions under the Company’s all-employee share plan under which employees are able to buy Shares using monthly deductions from salary. 

Under the plan, the trio together with four other directors has been allotted an equivalent number of Shares by the Anglo American at nil cost. 

Information contained in the company’s communiqu├® released to the capital markets on Friday indicate that the seven directors each purchased Shares at a price of GBP6.08 per Share and 14 June 2016. 

The data further shows that outgoing De Beers Chief Executive, Philippe Miller purchased 24 shares while the chairman, Mark Cutifani bought 25 shares. The incoming De Beers Bruce Clever also purchased 25 shares. 

Cleaver served as De Beers’ executive director responsible for strategy and commercial relationships until 2011, also serving as Co-acting CEO for a year prior to Mellier’s appointment in 2011. He was appointed Group Director of Strategy and Business Development for Anglo American in 2015.

On the other hand, Miller will be replaced as CEO by Bruce Cleaver at the beginning of next month. Miller is stepping down after five years in charge and just weeks after overseeing the signing of a 10-year sales agreement between De Beers and the government of Namibia. 

The deal covers the sorting, valuing and sales of the rough diamonds mined by the two parties under several joint ventures.

It is said to be the longest contract signed by the two partners and will reportedly result in an increase in rough diamond supplies, with US$430 million (AU$587 m) of rough being offered annually to sightholders of Namibia Diamond Trading Company ÔÇô one of the joint ventures.

At the same time, the Namibian government will also be allowed to independently sell 15 per cent of the diamonds produced by the parties’ joint venture, Namdeb Holdings, per year.

Mellier said the agreement, finalised in May, ensured diamonds would continue to play a “key role” in the nation’s socio-economic development.

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