ANGLO American has identified a preferred bidder for its 85% stake in De Beers, leaving Botswana to decide how it will exercise its right of first refusal, Reuters quoted a government minister saying on Friday.
Moeti Mohwasa, Botswana’s minister for state president, defence and security, told parliament that Anglo had run a competitive process among three shortlisted parties before settling on the Global Diamond Consortium, the newswire said. He said the consortium’s plan to bring in Angola and Namibia was a positive development.
Mohwasa did not name the consortium’s members but said finding an experienced operator with stable, long-term backing and a credible turnaround plan was a priority.
According to a report by Bloomberg News, Global Diamond Consortium is led by Gareth Penny, a former MD of De Beers who was tipped to win the bidding. A spokesman for Penny declined to comment, said the newswire.
“It very much sounds like the consortium that will be headed by Gareth [Penny],” James Allan, a former diamond analyst told Miningmx.
Botswana, which already holds 15% of De Beers, retains full freedom to either join the preferred bidder as a partner or exercise its pre-emption rights independently or with another party, said Mohwasa, adding that the government was consulting financial advisers on the best structure.
While Botswana is not part of Penny’s consortium, it is in talks with it, said Bloomberg News in its report, citing people familiar with the transaction.
Anglo said it was “progressing the competitive sale process with a number of bidders”, adding that it would “provide updates at the appropriate time”.
Mohwasa said he expected the deal to close by the fourth quarter of 2026, subject to conditions including Botswana’s approval.
