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Anglo American Plc has selected a group led by De Beers\u2019 former boss Gareth Penny as the preferred bidder for its sale of the world\u2019s biggest diamond mining company, people with knowledge of the matter said.<\/p>\n
Anglo chose a group known as Global Diamond Consortium from three bidders, Botswana\u2019s minister for the state president and defense Moeti Mohwasa told lawmakers on Friday. That group is led by Penny, two of the people said asking not to be identified because the details aren\u2019t public. A spokesman for Penny declined to comment.<\/p>\n
Botswana owns 15% of De Beers and half of a local joint venture with De Beers that produces most of the country\u2019s diamonds. GDC\u2019s proposal \u201cenvisages participation\u201d by fellow diamond-producing nations Angola and Namibia, according to Mohwasa.<\/p>\n
Read:
Angola wants De Beers stake to shape strategy, minister says
De Beers to shutter SA diamond mine to save cash
De Beers makes deep diamond price cuts for shrinking buyers club<\/p>\n
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\u201cAs it is entitled to do, the government has been engaging with Anglo American to evaluate all bids received, including that of the preferred bidder,\u201d Mohwasa said. \u201cGovernment retains complete freedom to proceed either alongside the preferred bidder as a partner or to exercise its preemption rights alone or with a third party.\u201d<\/p>\n
Anglo is trying to sell De Beers at a time when the diamond industry experiences one of the deepest and longest downturns in its history due to the rise in popularity of synthetic stones and a decline in Chinese luxury spending. Since diamonds were discovered there in 1967, Botswana has become one of Africa\u2019s wealthiest African nations on a per-capita basis.<\/p>\n
Anglo American share price\u00a0<\/p>\n
\u201cThe transaction is a genuine opportunity to reset and strengthen Botswana\u2019s position in an industry that has underpinned the nation\u2019s development of half a century,\u201d Mohwasa said.<\/p>\n
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Botswana is not part of Penny\u2019s consortium but is in talks with it, one of the people said.<\/p>\n
\u201cWe are progressing the competitive sale process with a number of bidders and will provide updates at the appropriate time,\u201d a spokesperson for Anglo said in response to questions.<\/p>\n
\u00a9 2026 Bloomberg<\/p>\n
#Anglo #selects #Pennys #Group #preferred #bidder #Beers<\/p>\n","protected":false},"excerpt":{"rendered":"
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