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Anglo to keep De Beers stake long-term

Source: Reuters - Wed 28th Oct 2009

Mining group Anglo American said on Tuesday it plans to retain its 45 percent stake in De Beers, the world's top diamond producer, in the long term.

"That's what I am thinking today, yes" Anglo's chief executive, Cynthia Carroll, said in an interview with South Africa's Talk Radio 702.

Anglo, which appointed a new chairman in August, amid a takeover approach, announced a restructuring that will shed a quarter of overhead staff and save $120 million (73 million pounds) a year.

Anglo, criticised by one-time predator Xstrata and some investors for a top-heavy management structure, said on Thursday it would create seven new decentralised business units.

The company had previously announced it wanted to sell road materials unit Tarmac, but put that on hold due to weak markets.

Commenting on plans for Tarmac, Carroll reiterated that Anglo, the world's fourth biggest diversified mining group by market value, would not "give it away."

"We are making good money. We continue to protect or enhance our market share position and drive the costs out of the system" she said.

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