Botswana moves to raise De Beers stake in consortium sale

Botswana's president was set to declare the Global Diamond Consortium the preferred bidder for De Beers in his State of the Nation address on Monday, and Bloomberg reported Botswana has agreed to raise its stake in the diamond miner, easing Anglo American's exit.

Why it matters: De Beers has been for sale for more than two years, and Botswana, holder of 15 percent and home to its biggest mines, is the party whose terms have held up Anglo American's exit from diamonds.

Data as of Rapaport News report of November 9, 2026, read in full in this run; it rests on a single source close to the matter and no party commented. The Bloomberg item could not be opened directly (paywall), so its headline is cited only for the fact of an agreement on Botswana's stake; the detailed terms below come from Rapaport. Developing item.

Botswana’s long negotiation over De Beers moved toward a conclusion on Monday. President Duma Boko was set to declare the Global Diamond Consortium (GDC), led by former De Beers chief executive Gareth Penny, the preferred bidder for Anglo American’s 85 percent stake in his annual State of the Nation address, Rapaport News reported, citing a source close to the matter, and Bloomberg reported that Botswana has agreed to raise its own stake in the company.

Under the terms Rapaport’s source expected Boko to disclose, the consortium would pay $750 million up front and $250 million deferred for Anglo’s stake, inject $500 million into De Beers and pay a $75 million nonrefundable deposit. Botswana currently owns 15 percent of De Beers; the parties had discussed about 25 percent, and the source said Boko may press for 30 percent at no extra cost. Anglo American, De Beers, the Botswana government and the consortium did not comment to Rapaport, and the terms remain subject to a further negotiation period.

Botswana moves to raise De Beers stake in consortium sale

Sources