Botswana would double its De Beers stake to 30%, its president says
President Duma Boko told parliament the state's 15% would rise once the Penny-led consortium buys Anglo American's shares. Anglo says binding documents are still to be agreed.
By Carat Capital
What changed
Boko says it would double. President Duma Boko told parliament on 9 November that Botswana's 15% of De Beers would rise to 30% after the consortium buys Anglo American's stake.
What it means
- If you buy De Beers rough: the state that runs Debswana's mines with De Beers would own twice its present share of the seller.
- If you follow the sale: Anglo American says it would keep working towards binding documents.
- What this is not: a priced deal. No price for Botswana's added stake is reported.
Key figures
| Botswana's planned stakeon completion, Boko says | 30% |
|---|---|
| Botswana's stake nowBoko said, in parliament | 15% |
| Anglo American's stakefor sale since 2024 | 85% |
| Bloomberg's 13 October figurereported: would likely reach | about 25% |
Source: President Duma Boko's speech to Botswana's parliament, 9 November 2026, as reported by Reuters, AP and JCK on 9 November · proposed, not signed
The president put 30% on record.
Double the current share. Boko said the stake would double from 15% to 30% "when this transaction is complete", Reuters reported. AP and JCK carry the same two figures.
Above Bloomberg's figure. Bloomberg reported on 13 October that Botswana was close to a deal lifting its stake to about 25%. The figure Boko gave parliament is five points higher.
Largest holder, if signed. Boko said Botswana would become the single largest shareholder in De Beers, Reuters and AP report.
| Holder | Share | Basis |
|---|---|---|
| Botswana, now | 15% | Boko said, 9 November |
| Botswana, on completion | 30% | Boko said, 9 November; not signed |
| Anglo American, now | 85% | for sale since 2024, AP |
| Botswana, as Bloomberg reported | about 25% | 13 October: would likely reach; carried here 18 October |
Sources. Reuters and AP reports of Boko's speech, 9 November 2026; Bloomberg's report via JCK, 13 October 2026.
Anglo has not signed yet.
Not yet finalised. Anglo American said it would keep working with Botswana, other governments and the consortium towards binding transaction documents, Reuters reported. AP said the purchase had not been finalised.
Penny names four governments. Gareth Penny, the former De Beers chief executive who leads the consortium, said it was working with Botswana, Angola, Namibia and Oman towards co-ownership. Boko gave no details for Namibia or Angola, AP reported.
First refusal gave leverage. Botswana holds a right of first refusal on Anglo's stake, Reuters reported, which makes its backing key for the sale.
Element Six joins a US plan.
Boko cites planned plant. Boko said Element Six, De Beers' synthetic diamond business, would take part in a planned $600 million US plant, which Reuters first reported in January.
Boko says Washington asked. The US government asked Element Six to partner on synthetic diamond technology, Boko said.
What to watch
- Anglo American's next statement on De BeersBinding documents with the consortium. The test: whether they carry Botswana at 30% and name a price.
- Not yet scheduledNamibia and Angola. The test: whether either government names the share it would take.
The story so far
- Bloomberg reported Botswana close to a deal lifting its stake to about 25%.
- Richemont and Signet were reported in talks to join the Global Diamond Consortium.
- Bloomberg put the consortium's price for Anglo's 85% at about $1 billion.
- A minister told parliament the state's 15% carried freedom to join, pre-empt or bid with a partner.
Go deeper
What would change this call
If the binding documents give Botswana less than 30%, or the consortium does not sign with Anglo, Boko's figure reads as a negotiating position rather than an outcome.
How De Beers is owned
Anglo American owns 85% of De Beers and Botswana 15%, AP reports; Anglo put its stake up for sale in 2024. Botswana holds a right of first refusal on that stake, Reuters reports, so its consent shapes any sale. The two also run Debswana, the joint venture that operates Botswana's largest mines.
Method
Three reports of the speech, read 10 November 2026, raw bytes saved: Reuters via Mining.com, 200, 103,916 bytes ('double from the current 15% to 30%' 1 hit; 'binding transaction documents' 1; 'Botswana, Angola, Namibia and Oman' 1; 'right of first refusal' 1; '$600 million' 1); AP via ABC News, 200, 174,419 bytes ('double its stake in De Beers to 30%' 2 hits; 'has not been finalized' 1; 'gave no details' 1); JCK, 200, 116,432 bytes (byline 'November 09, 2026'). No price for the stake: '1 billion' returns 0 hits in the Reuters text (103,916 bytes) and 0 in the AP text (174,419 bytes), both fetched 06:05 EST 10 November 2026; the AP page re-fetched at 06:23 EST read 171,920 bytes and still 0. JCK's body says the consortium's proposed price is $1 billion; that is the figure Bloomberg reported on 30 July for Anglo's 85%, so it is not attached here to Botswana's added 15 points. Anglo American's own words were not read: its Investegate announcement list (200, 82,053 bytes, fetched 06:08 EST 10 November 2026) shows no announcement after 2 November, so Anglo is quoted as Reuters reported it. 'Largest single shareholder' is Boko's claim, attributed to him.
Sources
- Reuters via Mining.com, Botswana to double De Beers holding under Anglo stake sale, president says 9 November 2026
- Associated Press via ABC News, Botswana says it will increase its stake in De Beers to 30% under proposed sale 9 November 2026
- JCK, Botswana President Boko names Global Diamond Consortium preferred De Beers bidder 9 November 2026