Botswana Aims for Majority Stake in De Beers as Anglo American Prepares Exit

Botswana Seeks Majority Control of De Beers Amid Anglo American’s Exit Strategy

The Government of Botswana has signaled its intention to acquire a controlling stake in diamond giant De Beers, according to Mining.com, citing a report from the Financial Times.

This move adds a new layer of complexity to Anglo American’s ongoing efforts to divest its ownership of the iconic diamond producer.

Currently, Botswana holds a 15% stake in De Beers and owns 50% of Debswana, a joint venture with the company that handles a significant portion of De Beers’ diamond output.

Now, the country is seeking to increase its stake significantly, with the ultimate goal of securing majority ownership.

Botswana’s Minister of Minerals and Energy, Bogolo Kenewendo, stated that President Duma Boko is committed to gaining greater control over this strategic national asset—including its entire value chain, from production to global marketing.

While De Beers previously hinted in February that Botswana might seek to expand its ownership, recent remarks by government officials indicate a stronger and more urgent intention to assert control.

With an early August deadline approaching for prospective buyers to submit bids for De Beers, Minister Kenewendo emphasized that any transaction made without Botswana’s backing would be fraught with difficulty.

“Our partners at Anglo American have, regrettably, failed to manage the process transparently or in coordination with the government and with our support,” Kenewendo stated.

Botswana’s firm stance could pose a major obstacle to Anglo American’s plans. The mining conglomerate is currently pursuing a dual-track strategy—welcoming offers from interested buyers while also preparing for a potential public listing of De Beers should no suitable buyer emerge.

Anglo American is under increasing pressure to complete its exit from De Beers by the end of the year. The divestiture is part of a broader corporate restructuring following the company’s rejection of a £39 billion ($52.8 billion) takeover bid from BHP in 2024.

However, the timing is far from ideal. The global diamond market is currently facing headwinds, including rising competition from lab-grown diamonds and softening demand in key markets such as China. These factors have left De Beers with a growing stockpile of unsold diamonds.

Botswana’s strategic push to gain control over De Beers underscores the country’s broader ambition to extract greater value from its natural resources and take a more active role in shaping the global diamond trade.