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Anglo Reportedly Selects Gareth Penny’s Consortium as Top Bidder for De Beers
A Botswana government official told lawmakers Anglo has selected The Global Diamond Consortium, an entity chaired by Penny, to buy De Beers.
Rough diamonds from De Beers’ Gahcho Kué mine in Canada. Reports surfaced last week that Anglo American, which owns an 85 percent stake in De Beers, has identified a buyer for the diamond miner and marketer, which has been up for sale since 2024.
Gaborone, Botswana—Anglo American has selected a consortium led by Gareth Penny as its preferred bidder to purchase its 85 percent stake in De Beers Group, a Botswana government official said last week.
Reuters was first to report the news, citing a speech given by a government official in Botswana.
“Anglo American ran a competitive process involving three shortlisted bidders, and has since identified a preferred bidder, the Global Diamond Consortium,” Moeti Mohwasa, Botswana’s minister for state president, defense, and security, reportedly told lawmakers on Friday, according to Reuters.
Penny, CEO of De Beers from 2006 to 2010 and now chair of Ninety One, a Qatari investment fund, is the force behind this consortium, according to the Financial Times.
Neither De Beers nor Anglo American have confirmed or denied any of the reports about the pending sale.
In an email to National Jeweler, a spokesperson for Anglo American said, “We are progressing the competitive sale process for De Beers and will provide updates at the appropriate time.”
Penny heads one of two consortia that are “still in the running,” for stakes in De Beers, Reuters previously reported.
The other is led by Israeli businessman Nir Livnat, executive chair of the Diacore Group diamond business.
Related stories will be right here …
Reuters was first to report the news, citing a speech given by a government official in Botswana.
“Anglo American ran a competitive process involving three shortlisted bidders, and has since identified a preferred bidder, the Global Diamond Consortium,” Moeti Mohwasa, Botswana’s minister for state president, defense, and security, reportedly told lawmakers on Friday, according to Reuters.
Penny, CEO of De Beers from 2006 to 2010 and now chair of Ninety One, a Qatari investment fund, is the force behind this consortium, according to the Financial Times.
Neither De Beers nor Anglo American have confirmed or denied any of the reports about the pending sale.
In an email to National Jeweler, a spokesperson for Anglo American said, “We are progressing the competitive sale process for De Beers and will provide updates at the appropriate time.”
Penny heads one of two consortia that are “still in the running,” for stakes in De Beers, Reuters previously reported.
The other is led by Israeli businessman Nir Livnat, executive chair of the Diacore Group diamond business.
In his remarks to lawmakers, Mohwasa also reportedly noted Botswana’s right of first refusal, its legal pre-emptive right to be the first buyer, whether by proceeding alongside the preferred bidder as a partner or exercising its pre-emption rights alone or with a third party.
He said the country is working with its financial advisors to “assess the optimal deal structure.”
Mohwasa also said the sale transaction likely would be concluded by the final quarter of 2026, subject to several conditions, including the Botswana government’s approval.
Botswana already owns 15 percent of De Beers, and the country produces more than 70 percent of the company’s diamonds.
It has been two years since Anglo American publicly confirmed its plan to offload De Beers as part of broader restructuring and more than a month since De Beers CEO Al Cook said at Reuters NEXT Europe economic summit in London that he hopes the sale would take place “in weeks rather than months.”
De Beers has been in a financial crisis, grappling with collapsing diamond prices due to weak demand in China and competition from lab-grown diamonds, as well as the effect of U.S. tariffs.
It posted an overall EBIDTA loss of $511 million in 2025, widening from a $25 million loss in 2024.
In response to its steep losses, the company has endured three consecutive annual writedowns by Anglo: $1.6 billion in 2023, $2.9 billion in 2024, and $2.3 billion in 2025.
As Anglo works to secure a buyer, De Beers has implemented sweeping cost-cutting measures, including pausing the Tuzo Phase 3 expansion project at Gahcho Kué, an initiative that would have extended the Canadian diamond mine’s life from 2027 to 2030.
Last week, it announced plans to halt operations at Venetia, its diamond mine in South Africa, for two years.
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