GABORONE, July 20 – Anglo American has selected a preferred buyer for its stake in diamond producer De Beers, while Botswana is considering whether to use its right of first refusal as it weighs the best ownership structure for the business.
Botswana’s Minister for State President, Defence and Security, Moeti Mohwasa, said Anglo American chose the Global Diamond Consortium after a competitive process involving three shortlisted bidders.
According to Mohwasa, Botswana can either partner with the preferred bidder, exercise its preemption rights on its own, or work with a third party. He said the government is currently consulting its financial advisers to determine the most suitable deal structure.
Mohwasa welcomed the consortium’s proposal to include Angola and Namibia, adding that De Beers needs an experienced operator backed by stable, long-term ownership and a credible turnaround plan.
Anglo American said it is continuing with the sale process and will provide updates when appropriate.
The mining company put De Beers up for sale in May 2024 as part of a wider restructuring following weaker diamond prices and growing demand for synthetic diamonds.
De Beers has mining and exploration operations across Botswana, Namibia, Angola, South Africa and Canada. The sale has attracted interest from the governments of Botswana, Namibia and Angola, as well as private investors, with two consortiums remaining in the race for the stake after the field narrowed from six bidders in 2025.
The remaining groups include governments from diamond-producing countries, former De Beers Chief Executive Gareth Penny, asset manager Ninety One, a Qatari investment fund and Israeli businessman Nir Livnat.
Mohwasa said the transaction is expected to be completed in the final quarter of 2026, subject to several conditions, including approval from the Botswana government.
