Anglo American announces that it has received consent from the South African Minister of Mineral Resources, under Section 11 of the South African Mineral and Petroleum Resources Development Act 2002, to acquire the Oppenheimer family’s 40% stake in De Beers.

The Section 11 consent is the final approval required for this transaction to proceed. Now that all the conditions to the transaction have been satisfied, a formal pre-emption offer will be served by CHL Holdings Limited (representing the Oppenheimer family interests) (CHL) on Anglo American and the Government of the Republic of Botswana (GRB) under the terms of the De Beers Shareholders’ Agreement.

The GRB has a pre-emption right in respect of the De Beers interests to be sold by CHL, and its affiliates, enabling it to participate in the transaction and increase its interest in De Beers, on a pro rata basis, to up to 25%.

Anglo American announced in November 2011 the agreement with CHL for Anglo American to acquire an incremental interest in De Beers, increasing Anglo American’s current 45% shareholding in the world’s leading diamond company to up to 85%, for a total cash consideration of US$5.1 billion, subject to adjustment as provided for in the agreement. In January 2012, the transaction was approved by Anglo American shareholders voting 99.94% in favour.

In the event that the GRB exercises its pre-emption rights in full, Anglo American will acquire an incremental 30% interest in De Beers, taking its total interest to 75%, and the consideration payable by Anglo American would be reduced proportionately.

Anglo American expects the transaction to close in the second half of 2012, in line with the previously stated timeline.

For further information, please contact:

Notes to editors:
Anglo American is one of the world’s largest mining companies, is headquartered in the UK and listed on the London and Johannesburg stock exchanges. Anglo American’s portfolio of mining businesses spans bulk commodities – iron ore and manganese, metallurgical coal and thermal coal; base metals – copper and nickel; and precious metals and minerals – in which it is a global leader in both platinum and diamonds. Anglo American is committed to the highest standards of safety and responsibility across all its businesses and geographies and to making a sustainable difference in the development of the communities around its operations. The company’s mining operations, extensive pipeline of growth projects and exploration activities span southern Africa, South America, Australia, North America, Asia and Europe.
www.angloamerican.com