HomeBase MetalsOppenheimers sell 7.7% of Anglo American holding

Oppenheimers sell 7.7% of Anglo American holding

Nicky Oppenheimer
“’ chairman of De Beers
and a board member
of Anglo
London, England — MININGREVIEW.COM — 17 December 2010 – The Oppenheimer family has sold 7.7% of its holding in Anglo American for about £64 million (R691.2 million), but says it has no intention of selling any more.

“We have no intention of selling further shares,” James Teeger, group managing director of E. Oppenheimer & Son, the family’s investment vehicle, told Reuters here.

The Oppenheimer family, which founded the diversified mining giant almost 90 years ago, sold 2.1 million shares, leaving it with 25.2 million shares, which makes up just under 2% of Anglo.

The sale at an average price of about 3 044 pence, made known through a statement to the stock exchange, was for “portfolio rebalancing purposes”, Teeger added.

In November 2006, the Oppenheimers sold a third of their holding in Anglo to Chinese billionaire Larry Yung, also to diversify their assets. At the time, it said it planned to invest in areas that were traditionally countercyclical to the mining industry.

The Oppenheimers also own 40% of De Beers, the world’s biggest diamond group, of which Anglo owns 45%.

Nicky Oppenheimer is chairman of De Beers and a board member of Anglo.

The Oppenheimer family ranked 154th on this year’s Forbes list of billionaires, with an estimated fortune of US$5 billion. (R34 billion).