Botswana Says It’s Confident De Beers Will Find Buyer

By Rob Bates | April 29, 2025

Botswana’s vice president said he’s hopeful that De Beers will find a buyer soon—a surprising vote of confidence for a sales process that has long appeared stalled.

“Partners are coming forward,” Ndaba Gaolathe told Bloomberg. “Some are countries, some are funds, some are companies that have a deep interest. I’m confident that we are on the right track.”

He further told the news service that Botswana may increase its current share in the miner to as much as 50% from the current 15%.

“We’re definitely not going lower than 15%,” he said.

Gaolathe added Botswana doesn’t want a partner just looking for a “quick buck.”

“[Buying De Beers is] actually the consummation of a relationship with the government of Botswana,” he said. “And I want to impress upon you, we take relationships very seriously.”

Anglo American currently maintains an 85% share of De Beers. It put the diamond miner up for sale last year. In February, Anglo wrote down De Beers’ value by $2.9 billion. Its current value is $4.1 billion.

In its first-quarter production report, released last week, Anglo said it “is committed to completing [the sale] at the right time and when market conditions allow.” Some thought that represented a walk-back from Anglo CEO Duncan Wanblad’s previous vow to sell De Beers by the end of 2025. He has also suggested that De Beers could be spun off with an IPO.

Anglo spokesperson James Wyatt-Tilby tells JCK there’s been no change in Anglo’s thinking: “De Beers is a world-class business of truly unique value and we will not rush things for the sake of a timetable.”

(Photo courtesy of De Beers)