Botswana Nears Decision on Anglo's $1 bn Sale of De Beers Majority Stake

Less than two weeks remain before Botswana must act on Anglo American’s proposed sale of its 85% share in De Beers, valued at roughly $1 bn. The state, owning the balance of the company, is finalising its review of bids and can either partner with the Global Diamond Consortium—headed by ex-De Beers chief Gareth Penny—or invoke pre-emptive rights alone or with another ally. While Anglo’s chief executive Duncan Wanblad notes that talks are not exclusive, the government has already signaled the consortium as its preferred choice.

The decision carries weight for Botswana’s economy, which relies on diamonds for about 80% of exports and a quarter of GDP, and comes after a fresh 10-year sales pact and a 25-year licence extension with De Beers. Analysts warn that new ownership alone may not solve broader market challenges such as weak demand and competition from lab-grown stones.