Anglo American has chosen a preferred buyer for its stake in diamond producer De Beers, with Botswana weighing whether to exercise its right of first refusal either on its own, with Anglo's chosen bidder, or alongside a third party, a government official said on Friday, according to Reuters.
Anglo put De Beers up for sale in May 2024 as part of a broader restructuring prompted by falling diamond prices and the growing popularity of synthetic diamonds.
The business has attracted interest from the governments of Botswana, which already owns a 15% stake, Namibia and Angola, as well as private buyers.
"Anglo American ran a competitive process involving three shortlisted bidders, and has since identified a preferred bidder, the Global Diamond Consortium," Botswana's minister for state president, defence and security Moeti Mohwasa told lawmakers, adding that the consortium's proposal to include Angola and Namibia was welcome.
He did not disclose the consortium partners, but said it was urgent to secure an experienced operator backed by a stable, long-term ownership structure and a credible, well-funded turnaround plan.
An Anglo American spokesperson said the company was progressing the sale process and would provide updates at the appropriate time.
Sources previously told Reuters that two consortia remain in the running for stakes in De Beers, down from six in 2025, including governments of diamond-producing countries, ex-De Beers chief executive Gareth Penny, a Qatari investment fund and Israeli businessman Nir Livnat.
Mohwasa said Botswana has "complete freedom to proceed either alongside the preferred bidder as a partner or to exercise its preemption rights alone or with a third party", and is currently working with financial advisors to assess the optimal deal structure.
He said the sale transaction was likely to be concluded by the final quarter of 2026, subject to several conditions, including the Botswana government's approval.
Mathew Nyaungwa, Editor-In-Chief, Rough & Polished
