Anglo American picks Gareth Penny-led consortium as preferred bidder for De Beers

Anglo American's long effort to sell De Beers moved into its final stage in July 2026, when Botswana's government told parliament that Anglo had selected the Global Diamond Consortium as preferred bidder for its 85% stake. The group is led by Gareth Penny, who ran De Beers from 2006 to 2010, and was chosen from a shortlist of three.

Price and structure

At the end of July, Bloomberg reported, and Moneyweb carried the report, that Anglo was discussing a deal worth about $1bn (roughly R16.5bn). That is a small fraction of what the diamond producer was once worth, and it follows several impairments Anglo has taken on the business as rough-diamond demand slumped under pressure from laboratory-grown stones. Anglo has not confirmed the terms and says it continues to run a competitive process.

Penny's proposal makes room for equity participation by Angola and Namibia. Botswana welcomed that regional element. Its minister Moeti Mohwasa said the government, advised by financial consultants, was free to partner with the preferred bidder, exercise its pre-emption right on its own, or team up with another party.

Why it matters

Botswana produces about 70% of De Beers' diamonds, and diamonds account for roughly 80% of the country's export earnings, so the identity and funding of the next owner are matters of national importance. President Duma Boko has said he wants a bigger stake, but analysts quoted by Miningmx doubt the state can easily raise the money while it is also trying to diversify away from diamonds. The sale also comes days after De Beers said it would halt production at Venetia, its flagship South African mine, for two years.

Next steps

Mohwasa said he expected the transaction to close in the fourth quarter of 2026, subject to conditions that include Botswana's approval. Until a binding agreement is signed, the deal remains at the announced stage.

Sources

• Miningmx: Botswana weighs options as Anglo picks De Beers bidder, 17 Jul 2026
• MINING.COM: Ex-De Beers chief leads bid for diamond giant, 20 Jul 2026
• Moneyweb: Anglo said to be in talks to sell De Beers for about R16.5bn, 29 Jul 2026
• Yahoo Finance (Semafor): Anglo names preferred bidder for De Beers stake, 20 Jul 2026

Photo: The open pit at Jwaneng diamond mine in Botswana, operated by Debswana. Cretep, Wikimedia Commons, Public domain.