Botswana Closer than Ever to De Beers Deal
October 14, 26
(IDEX Online) - Botswana is reported to be closer thane ever to an agreement over the future ownership of De Beers, potentially clearing a major obstacle to the sale of the loss-making diamond miner by Anglo American.
Bloomberg reported Tuesday (13 October), citing people familiar with the negotiations, that Botswana and the Global Diamond Consortium were nearing agreement on their respective stakes. Reuters also carried the report but said it could not independently verify the information. Anglo American, the consortium and Botswana's presidential office declined to comment, according to Bloomberg.
Botswana currently owns 15% of De Beers but is now reportedly seeking a stake of around 25%, having previously pursued majority control of more than 50%.
Anglo American is seeking to sell its 85% stake in De Beers. The Global Diamond Consortium, led by former De Beers CEO Gareth Penny, was named preferred bidder in July. The group includes Namibia, Angola and major diamond traders, according to Bloomberg.
Anglo American CEO Duncan Wanblad said last week that he was hopeful the sale would be completed by the end of 2026. The divestment is part of a wider restructuring as the company refocuses on copper, premium iron ore and crop nutrients.
Anglo American first announced plans to divest or demerge De Beers on May 14, 2024, as part of its restructuring strategy.
The sale process has played out against a severe downturn in the diamond market, with weak demand, falling prices and growing competition from lab grown diamonds.
Anglo has taken repeated impairments on De Beers, including a $2.3 billion write-down in 2025. The carrying value of the De Beers business stood at $2.3 billion at the end of that year but it could ultimately be sold for as little as $1 billion.
In September 2025, President Duma Boko said Botswana wanted to acquire a controlling stake of more than 50%, describing control of De Beers as a matter of economic sovereignty.
The government explored financing with potential partners, including Oman's sovereign wealth fund. By June 2026, however, Botswana was reportedly pursuing a smaller stake of around 25%.
The proposed arrangement would give Botswana a larger direct interest in De Beers, whose operations depend heavily on its mines. Debswana, the 50:50 joint venture between De Beers and the Botswana government, operates the Jwaneng and Orapa mines.
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