Botswana weighs options as Anglo American picks De Beers buyer

Key facts

• Anglo American has selected a preferred buyer for its stake in De Beers.
• Botswana is evaluating whether to exercise its right of first refusal.
• The preferred buyer is the Global Diamond Consortium.
• Botswana is working with financial advisors to determine the optimal deal structure.
• The sale is anticipated to be finalized by the fourth quarter of 2026.

Anglo American has selected a preferred buyer for its stake in De Beers, according to Botswana's Minister for State President, Defence and Security, Moeti Mohwasa. The government of Botswana is now considering its options, which include exercising its right of first refusal either independently, in partnership with the chosen bidder, or with a third party.

Anglo American initiated the sale process in May 2024 as part of a broader restructuring amid declining diamond prices and the rise of synthetic diamonds. De Beers, a leading global diamond company with operations across several African nations and Canada, has garnered interest from governments of diamond-producing countries, including Botswana, Namibia, and Angola, as well as private investors.

Mohwasa informed lawmakers that the Global Diamond Consortium has been identified as the preferred bidder. The consortium's proposal to include Angola and Namibia was viewed favorably. While the specific partners within the consortium were not disclosed, Mohwasa emphasized the need for an experienced operator with a stable, long-term ownership structure and a credible turnaround plan.

An Anglo American spokesperson confirmed that the company is progressing with the sale process and will provide updates when appropriate. Sources had previously indicated that two consortia remained in contention for stakes in De Beers.

Botswana's government is currently consulting with its financial advisors to determine the most advantageous deal structure. The transaction is expected to be finalized by the fourth quarter of 2026, subject to various conditions, including government approval.