PRESS: Anglo American picks frontrunner to acquire De Beers - FT

Anglo American PLC has picked its top candidate to buy its diamond business De Beers, the Financial Times reported on Friday.

The preferred consortium is led by the former De Beers chief executive officer Gareth Penny, who ran the Anglo American unit from 2006 to 2010.

The Botswana Minister for State & Defence Meti Mohwasa told lawmakers on Friday that the Global Diamond Consortium, led by Penny, had been "identified" as a "preferred bidder" by Anglo American, the FT reported.

Botswana has emerged as a key player in the sale of De Beers.

Around 70% of De Beers' diamonds come from the country, and the nation's government has been vocal in wanting to up its 15% stake in the group.

Penny declined to comment on Friday, and Anglo American declined to confirm the minister's comments, saying only that it was "progressing the competitive sale process with a number of bidders and will provide updates at the appropriate time".

Anglo American seeks to spin off De Beers as part of its plan to simplify its business. The London-based diversified miner owns 85% of diamond miner and dealer De Beers. In 2025, it wrote down the value of De Beers to the tune of USD2.3 billion.

Nir Livnat, executive chair of the Diacore Group diamond business, and Michael O'Keeffe, non-executive chair of Burgundy Diamond Mines, are leading two other consortiums in the process, according to people familiar with the process.

De Beers early last week said it would pause production at Venetia, South Africa's largest diamond mine, for two years to reduce costs, while trading conditions remained tough.

Shares in Anglo American were down 0.8% at 3,372.00 pence each in London on Monday afternoon, and they were down 1.0% to ZAR747.79 in Johannesburg.

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