Deadline This Week for De Beers Bidders

(IDEX Online) - Anglo American has reportedly set a deadline of 16 April (this Thursday) for bids to buy De Beers.

The date has not been confirmed by Anglo, but is reported by Bloomberg and other outlets, which also say the government of Botswana is still determined to achieve a controlling stake in the company.

This is at odds with a report last month in which The Economist said Botswana would likely settle for a 25% share, given its fragile economy.

Anglo first publicly announced plans to divest or demerge De Beers, its loss‑making diamond unit, in May 2024, after a series of writedowns eroded its value, to focus on more stable commodities like copper and iron ore.

That followed a hostile and ultimately unsuccessful bid by rival mining conglomerate BHP to buy Anglo.

Anglo has since completed the exit from platinum and is in the process of selling its steelmaking coal and nickel businesses, but has yet to name a buyer for its 85% stake in De Beers (Botswana owns the remaining 15%).

In addition to Botswana, the governments of Angola and Namibia have also expressed an interest in acquiring part of De Beers.

There are also a number of private‑sector consortia, among them one led by former De Beers CEO Gareth Penny, backed by Qatari‑linked investment funds, and a group reportedly linked to Indian billionaire Anil Agarwal and India's KGK Group and Kapu Gems.

Anglo is widely expected to land a public-private consortium involving one or more African‑state shareholders together with a private‑equity‑style backer, rather than a single standalone buyer.