GABORONE, July 17 – Anglo American has selected a preferred bidder for its stake in De Beers, bringing the sale of one of the world’s largest diamond producers a step closer as the Government of Botswana considers whether to exercise its right of first refusal.
The sale forms part of Anglo American’s broader restructuring strategy, announced in May 2024, following a prolonged downturn in global diamond prices and increasing competition from laboratory-grown diamonds.
Speaking before lawmakers on Friday, Botswana’s Minister for State President, Defence and Security, Moeti Mohwasa, said Anglo American had completed a competitive bidding process involving three shortlisted parties before selecting the Global Diamond Consortium as its preferred bidder.
According to Mohwasa, “Anglo American ran a competitive process involving three shortlisted bidders, and has since identified a preferred bidder, the Global Diamond Consortium.”
Botswana, which already owns a 15% stake in De Beers, is now assessing whether to exercise its pre-emption rights independently, jointly with Anglo American’s preferred bidder, or alongside another strategic partner.
Mohwasa said the consortium’s proposal to include Angola and Namibia in the ownership structure was viewed positively by the government. However, he did not disclose the identities of the consortium’s members.
He added that securing an experienced operator supported by a stable long-term ownership structure and a well-funded turnaround strategy remains a priority as De Beers navigates challenging market conditions.
An Anglo American spokesperson confirmed that the sale process is progressing but declined to provide further details, saying the company would issue updates at the appropriate time.
De Beers operates mining and exploration assets across Botswana, Namibia, Angola, South Africa and Canada, making it one of the world’s most significant diamond producers.
The sale has attracted interest from the governments of Botswana, Namibia and Angola, alongside private investors, reflecting the strategic importance of De Beers to southern Africa’s mining sector and global diamond supply.
The outcome of the transaction could reshape ownership of one of the diamond industry’s most influential companies while influencing the future direction of diamond production and beneficiation across the region.
