JOHANNESBURG - Anglo American has named the Global Diamond Consortium as its preferred bidder for the diamond business.
Global Diamond Consortium is led by former De Beers chief executive Gareth Penny.
The move brings Anglo a step closer to exiting diamonds as it reshapes its portfolio to focus on copper and iron ore.
The consortium will now enter exclusive negotiations with Anglo to finalise the deal.
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Botswana, De Beers' long-standing partner with a 15% stake, is also assessing its options, including whether to match the offer under its right of first refusal.
Anglo is selling and several African countries and companies have been weighing their options whilst considering that the diamond business has lost some of its shine.
Demand has slumped and last week De Beers announced it would be suspending operations at the biggest diamond mine in South Africa, Venetia.