Early in 2001 when Anglo American's executives completed the privatisation and de-listing of diamond company De Beers, Anglo was far and away the world's largest mining group.

Now, in an industry where size matters, Anglo ranks among the also-rans and is scrambling to get back into the business of growth.

De Beers officially denies all rumours that it is planning to re-list on the stock exchange next April or May, and Anglo American's official comment is "No comment".

However, does anyone doubt re-listing is supported by senior De Beers executives who might then enjoy the benefits of share options in a listed company?

It will take another year to sort out some contractual issues, particularly those with the government of Botswana, a country that hosts the company's most important mines. Gaborone's agreement will be needed before a new listing can take place. Time is also needed to restructure the debt-burdened balance sheet.

The rand-dollar exchange rate at the time of the privatisation in 2001 was much the same as it is today. Back then, though De Beers was valued at $19-billion for the privatisation, much of its value was accounted for by its 35% shareholding in Anglo. Anglo itself owned 32% of De Beers. In those days, the cross-holding was part of the structure that ensured continuing control of the group by the Oppenheimer family.

When the privatisation price valued De Beers at $19-billion, the company's diamond interests were valued at $1.5-billion after eliminating the cross-holdings with Anglo.

There were high hopes in 2001. Nicholas Oppenheimer justified privatisation by claiming wistfully that De Beers was not "properly appreciated by the market". But the privatisation left the Oppenheimers and Anglo with equal 45% shareholdings in De Beers, and another 10% with the Botswana government's Debswana.

The Oppenheimers' shareholding in Anglo fell to about 5% from 7% and it has been falling ever since to its current 2%, in part it would seem as the family has raised cash to pay its (now 40%) share of the De Beers calls on shareholders.

Anglo chief executive Cynthia Carroll has got rid of many of the South African old guard and it's time for her final stable cleaning.

If she carries on the way she has been going, the Oppenheimers need an exit strategy and cash. There is no real future senior managerial role for them in De Beers. When Nicholas turns 65 in June, it would normally be time for him to step down as chairman to be replaced by someone with international stature.

At 40, Jonathan Oppenheimer has not progressed far in the company on merit. CEO Gareth Penny is only 48 and will not be moving on any time soon.

In any event, Nicholas and Jonathan are the third and fourth generations of the Oppenheimer dynasty, the generations often involved in the splitting of family businesses. An idea one hears being bounced around is that the Oppenheimer shares should form the first free float of a re-listed De Beers.

Carroll, too, would like to get rid of Anglo's 45% interest in De Beers, worth something over $3-billion at the market capitalisation being pencilled in for the re-listing.

Unlike the copper and iron ore mines targeted for Anglo by Carroll, De Beers is essentially ex-growth. Anglo could better deploy the cash from a De Beers sale elsewhere.

Selling Anglo's 45% of De Beers could take years if the shares were dribbled out onto the market. The Oppenheimers have pre-emptive rights, but there are some Russians out there who might be buyers for control at the right price after or instead of a re-listing.

There's also the question of reactions to a re-listing by Pretoria, Gaborone and even Windhoek. South Africa's ANC government expected great things of Anglo's move to London - lots of cheap investment capital flowing into the country. Reality was different.

Calls for a proportion of re-listed shares to be reserved for the local registers are not an unlikely requirement as most of the group's diamonds are sourced from this end of the African continent.

Since joining Anglo three years ago, Carroll has worked at establishing cordial relations with South Africa's mines ministers, which might help when a De Beers relisting comes up for discussion. In South Africa she is only interested in platinum, coal and iron ore. The rest can go.