Anglo American has officially picked a preferred buyer for its 85% controlling stake in the company.

Botswana’s Minister for State President, Defence and Security, Moeti Mohwasa, broke the news to lawmakers this Friday. He revealed that Anglo American had narrowed down a highly competitive bidding war to three candidates before ultimately settling on a preferred bidder; a group called the Global Diamond Consortium.

This consortium isn’t flying solo, its proposal includes plans to bring in the governments of Namibia and Angola, two of Africa’s other heavy-hitting diamond-producing nations. Mohwasa noted that Botswana welcomes this regional approach.

Now, the ball is firmly in Botswana’s court. Because the country already owns a 15% direct stake in De Beers, it holds “pre-emptive rights”, basically a right of first refusal on any sale. Mohwasa made it clear that Botswana has total freedom to decide its next move. Right now, the government is huddling with financial advisors to figure out the absolute best game plan. They are weighing whether to buy out the shares themselves, join forces with this new Global Diamond Consortium, or bring in a completely different partner altogether.

For Botswana, this isn’t just a standard business deal; it’s about national survival. Diamonds bring in roughly 80% of the country’s export earnings and account for a third of its gross domestic product. Because the global diamond market has been incredibly rough lately, Mohwasa stressed that Botswana desperately needs a buyer with deep pockets, serious mining experience, and a rock-solid, long-term plan to turn things around.

While Anglo American is keeping quiet on the exact names behind the consortium, a Spokesperson confirmed that the sale is moving along smoothly. If Botswana gives the green light and regulatory hurdles are cleared, the massive deal is expected to close by the end of 2026.

–Reuters/ChannelAfrica–