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.

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