GABORONE – Anglo American has chosen a preferred buyer for its stake in diamond producer De Beers, with Botswana weighing whether to exercise its right of first refusal either on its own, with Anglo's chosen bidder, or alongside a third party, a government official said on Friday.

Anglo put De Beers, one of the world's leading diamond companies with operations and exploration spanning Botswana, Namibia, Angola, South Africa and Canada, up for sale in May 2024 as part of a broader restructuring prompted by falling diamond prices and the growing popularity of synthetic diamonds.

The business has attracted interest from the governments of Botswana, which already owns a 15% stake, Namibia and Angola, as well as private buyers.

"Anglo American ran a competitive process involving three shortlisted bidders, and has since identified a preferred bidder, the Global Diamond Consortium," Botswana's Minister for State President, Defence and Security Moeti Mohwasa told lawmakers on Friday.

The consortium's proposal to include Angola and Namibia was welcome, Mohwasa added.

He did not disclose the consortium partners, but said it was urgent to secure an experienced operator backed by a stable, long-term ownership structure and a credible, well-funded turnaround plan.

Asked to comment, an Anglo American spokesperson said the company was progressing the sale process and would provide updates at the appropriate time.

Sources previously told ‌Reuters that two consortia remain in the running for stakes in De Beers, down from six in 2025. The two groups include the governments of diamond-producing countries, ex-De Beers CEO Gareth Penny, now chair of asset manager Ninety One, a Qatari investment fund and Israeli businessman Nir Livnat.

Botswana has "complete freedom to proceed either alongside the preferred bidder as a partner or to exercise its preemption rights alone or with a third party", Mohwasa said.

He added that Botswana was currently working with its financial advisors to assess the optimal deal structure.

Mohwasa said the sale transaction was likely to be concluded by the final quarter of 2026, subject to several conditions, including the Botswana government's approval.