Anglo American has selected a preferred buyer for its majority stake in diamond giant De Beers, with Botswana now weighing whether to exercise its right of first refusal.

Botswana's Minister for State President, Defence and Security Moeti Mohwasa told lawmakers on Friday that Anglo American ran a competitive process involving three shortlisted bidders and has since identified a preferred bidder – the Global Diamond Consortium. The consortium’s proposal to include Angola and Namibia as partners was welcome, Mohwasa added.

Anglo American put De Beers 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.

While Mohwasa did not disclose the consortium’s partners, sources previously told Reuters that the two groups still in the running include the governments of diamond-producing countries, former De Beers CEO Gareth Penny – now chair of asset manager Ninety One – a Qatari investment fund and Israeli businessman Nir Livnat. Reports from Bloomberg and the Financial Times indicate the Global Diamond Consortium is led by Penny.

Mohwasa said 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". He added that Botswana is currently working with its financial advisors to assess the optimal deal structure.

An Anglo American spokesperson said the company was progressing the sale process and would provide updates at the appropriate time.

"The consortium's proposal to include Angola and Namibia was welcome," Mohwasa told lawmakers. "It is urgent to secure an experienced operator backed by a stable, long-term ownership structure and a credible, well-funded turnaround plan".

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.