Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
The dynasty involved in South Africa’s diamond industry for a century, is finally getting out of the business. The Oppenheimers, Africa’s second-richest family sold their 40 percent stake in De Beers to Anglo American, Reuters reports.
There is nothing intrinsically valuable about diamonds. The fact that we think of them as precious is mostly thanks to South Africa’s Oppenheimer dynasty. It is they who, with a bit of help from an American advertising man, sprinkled the rocks with romance and convinced the world that diamonds are forever.
