Anglo American is fast-tracking the sale of its crown jewel, De Beers, in an unusually streamlined process that skips the traditional two-round bidding. Instead, the mining giant will move forward with just “one or two” shortlisted buyers — in close coordination with the government of Botswana, its long-time diamond partner. Anglo American is expected to raise $3bn to $4bn from the sale of its 85 per cent stake in the loss-making diamond miner. The remaining 15 per cent is owned by the government of Botswana, which wants to secure a majority holding, 

Among those vying for a piece of the diamond major are some familiar industry names. Angola’s state-owned Endiama has proposed a pan-African partnership spanning Botswana, Namibia, and South Africa. Speculation also swirls around potential bids from Qatari and Gulf investors.

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.