ANGLO American CEO Duncan Wanblad said the sale of the firm’s 85% in De Beers will almost certainly result in a public-private consortium taking ownership of the diamond group, with the Botswana government expected to increase its existing stake.
“We are relatively far advanced” in the process, Wanblad told the Financial Times, adding that he hoped to conclude the disposal this year despite deteriorating conditions in the diamond market. Anglo is nearing the end of the second stage of its bidding process, in which it will identify a preferred buyer — “probably a consortium” of government and private entities, he said.
Several African governments have expressed interest in acquiring stakes. Botswana, which already holds 15% of De Beers, has been vocal about seeking a larger share, while Angola has indicated it is targeting a 20–30% stake. Namibia, which accounts for roughly a tenth of De Beers’ diamond production, is also weighing a minority bid.
The sale forms part of Anglo’s sweeping restructuring programme, launched after it repelled a hostile takeover approach from BHP in 2024, said the newspaper.
Anglo has warned it may be forced to write down the value of De Beers for a third consecutive year when it reports annual results next week, reflecting a market weakened by softening Chinese luxury demand and competition from lab-grown stones. US tariffs on India, a major diamond-polishing hub, have further disrupted supply flows.
Wanblad acknowledged some analysts believe Anglo is selling at the bottom of the market but said the process would proceed regardless. “We should really focus on the stuff that makes the best returns for our shareholders,” he said.
