Anglo American has selected the Global Diamond Consortium as preferred bidder for its 85% stake in De Beers, moving the sale into bilateral negotiations while Botswana considers whether to exercise its pre-emption rights.
De Beers sale moves forward
Botswana announced the preferred-bidder decision on 17 July 2026 after a competitive process involving three shortlisted groups. The consortium is led by former De Beers CEO Gareth Penny, but its full membership, financing and purchase price have not been disclosed. Botswana owns the remaining 15% of De Beers and could acquire Anglo’s stake itself, join the preferred bidder or form another consortium. The Global Diamond Consortium is also willing to include Angola and Namibia, both of which have De Beers operations or diamond interests. Botswana supplies about 70% of De Beers’ diamonds.
The transaction could close in the fourth quarter of 2026, subject to approvals and other conditions. De Beers remains under financial pressure. Anglo recorded a further US$2.3 billion impairment in 2025, leaving the business with a carrying value of about US$2.3 billion. De Beers reported an underlying loss of approximately US$511 million, compared with US$25 million a year earlier. Natural-diamond prices have fallen roughly 50% since 2022 because of weaker Chinese demand, excess inventories and competition from laboratory-grown diamonds. De Beers has reduced production and costs and suspended operations for two years at the Venetia underground mine in South Africa.
Technology Minerals completes recapitalisation
Technology Minerals has secured approval for a recapitalisation expected to raise £2.085 million gross. The company will issue 4.17 billion shares at 0.05 pence, alongside 5.181 billion settlement shares to creditors. After admission, expected around 20 July 2026, approximately 12.495 billion shares will be outstanding. Existing shareholders will retain about 25.2% of the enlarged equity. Creditors will receive approximately 41.5% of the enlarged share capital. Jonathan Swann will receive 3.25 billion shares, Atlas Special Opportunities II 600 million, and other creditors about 1.331 billion.
Technology Minerals expects roughly £2 million net cash, including £750,000 for an Atlas settlement and £1.05 million for working capital. Only about £200,000 is allocated to mineral exploration, battery-metals investments and other critical-supply opportunities. The company remains focused on Recyclus Group and UK recycling capacity for lithium-ion and lead-acid batteries. The recapitalisation addresses creditor pressure but does not provide funding for mine construction or a commercial-scale recycling facility.
Bradda Head funds Arizona lithium exploration
Bradda Head Lithium has announced a conditional £2.12 million fundraising and conversion of US$1.874 million in shareholder and executive loans. The company will issue 94.297 million shares at 2.25 pence, while the debt conversion will create another 68.488 million shares at 2.03 pence. Directors and senior employees will exercise options over 7.25 million shares, while Greenwood will receive 2.222 million shares for £50,000 of fees. Excluding the proposed retail offer, at least 172.257 million new shares are expected to be issued. Gross cash proceeds should reach approximately £2.235 million.
The funds will support drilling at the Whistlejacket lithium project and exploration at San Domingo, both in Arizona, as well as NI 43-101 technical reports and other critical-minerals opportunities.
Whistlejacket is subject to an option and joint-venture arrangement with Rio Tinto’s Kennecott Exploration Company. Bradda plans phase-three drilling, metallurgy, assays and preliminary engineering while meeting its earn-in obligations. The project has historical lithium-bearing pegmatite intersections but no declared mineral resource or development study. The financing removes bridging debt and supports exploration, but substantial equity dilution and at least 47.148 million warrants remain part of the enlarged capital structure.
