Anglo American’s (LON: AAL) chief executive officer Duncan Wanblad said Botswana’s government will join negotiations with one or two shortlisted bidders for De Beers, as the mining giant moves to sell its 85% stake in the diamond producer.
“This isn’t going to be the classical first round, second round sale process that you would ordinarily receive for businesses of this type,” Wanblad told the Financial Times at the the publication’s annual Mining Summit.
Anglo will hold direct talks with selected bidders alongside Botswana, which owns 15% of De Beers through its Debswana joint venture. Wanblad said he expects the sale process to conclude within six months but did not rule out spinning off De Beers if negotiations fail.
Anglo values De Beers at about $5 billion, though analysts at UBS estimate the sale could generate between $3 billion and $4 billion, including deferred payments, given challenging market conditions.
Pan-African consortium
Angola’s state-owned Endiama has reportedly bid for a minority stake, proposing a pan-African consortium of diamond-producing nations to co-own De Beers. The two companies have partnered since 2022, when they signed and later expanded exploration and processing agreements. Their collaboration led to Angola’s first major kimberlite discovery in more than 30 years this August.
De Beers has also drawn interest from at least six consortia, including billionaire Anil Agarwal, Indian firms KGK Group and Kapu Gems, and Qatari funds.
Wanblad said Anglo was under no obligation to accept any offer but welcomed growing regional interest. “It’s really positive news that the government of Angola has expressed an interest in taking some ownership,” he said. “We’re taking all of this into the mix and working through what’s best for the business, for Anglo, and for Botswana.”
Feriel Zerouki exit
In a separate development, De Beers executive Feriel Zerouki announced she will step down as chief trade and industry officer and leave the executive committee at the end of October.
Zerouki, who joined De Beers in 2005, played a leading role in advancing ethical sourcing and transparency across the diamond supply chain.
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Anglo American’s (LON: AAL) chief executive officer Duncan Wanblad said Botswana’s government will join negotiations with one or two shortlisted bidders for De Beers, as the mining giant moves to sell its 85% stake in the diamond producer.
“This isn’t going to be the classical first round, second round sale process that you would ordinarily receive for businesses of this type,” Wanblad told the Financial Times at the the publication’s annual Mining Summit.
Anglo will hold direct talks with selected bidders alongside Botswana, which owns 15% of De Beers through its Debswana joint venture. Wanblad said he expects the sale process to conclude within six months but did not rule out spinning off De Beers if negotiations fail.
The government’s participation marks a shift in tone after President, Duma Boko, criticized Anglo’s handling of De Beers and said his administration could run it more effectively. De Beers swung to a $189 million loss in the first half of 2025 from a $300 million profit a year earlier amid weak diamond prices, adding pressure for a deal.
Anglo values De Beers at about $5 billion, though analysts at UBS estimate the sale could generate between $3 billion and $4 billion, including deferred payments, given challenging market conditions.
Pan-African consortium
Angola’s state-owned Endiama has reportedly bid for a minority stake, proposing a pan-African consortium of diamond-producing nations to co-own De Beers. The two companies have partnered since 2022, when they signed and later expanded exploration and processing agreements. Their collaboration led to Angola’s first major kimberlite discovery in more than 30 years this August.
De Beers has also drawn interest from at least six consortia, including billionaire Anil Agarwal, Indian firms KGK Group and Kapu Gems, and Qatari funds.
Wanblad said Anglo was under no obligation to accept any offer but welcomed growing regional interest. “It’s really positive news that the government of Angola has expressed an interest in taking some ownership,” he said. “We’re taking all of this into the mix and working through what’s best for the business, for Anglo, and for Botswana.”
Feriel Zerouki exit
In a separate development, De Beers executive Feriel Zerouki announced she will step down as chief trade and industry officer and leave the executive committee at the end of October.
Zerouki, who joined De Beers in 2005, played a leading role in advancing ethical sourcing and transparency across the diamond supply chain.