Anglo American has named a consortium led by former De Beers chief executive Gareth Penny as preferred bidder for its 85% stake in De Beers, with chief executive Duncan Wanblad saying the long-running sale process is close to its end.
De Beers announced on 13 July 2026 that it would pause production at its Venetia mine in Limpopo for two years and begin Section 189 consultations over job losses.
Envusa Energy's 240MW Mooi Plaats solar plant has begun commercial operation, supplying wheeled renewable power to Anglo American-linked miners Kumba Iron Ore, De Beers and Valterra Platinum.
Anglo American has cut De Beers's carrying value to $2.3bn from $4.1bn and is now considering selling the business in separate parts to different buyers.
De Beers cut its 2026 production guidance to 21m-26m carats from 26m-29m carats, after 2025 output fell to 21.66m carats amid extended mine maintenance and weak prices.
Botswana Diamonds managing director James Campbell says the Gareth Penny-led consortium is the only bidder with the industry knowledge and government relationships needed to revive De Beers.
De Beers grew rough diamond production 38% in the third quarter of 2025, selling into a weak market at discounted margins as Anglo American pressed on with the group's sale.
Namibia's government trimmed its 2025 growth forecast to 4.5%, citing weak diamond markets and steep production cuts at De Beers as a drag on the economy.
De Beers and Botswana's government signed a new 10-year rough diamond sales agreement and a 25-year extension of Debswana's mining licences on 25 February 2025, alongside 10 billion pula of development funding for Botswana.
