Botswana Doubles De Beers Stake to 30 Percent
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MENAFNAddressing parliament in the capital, Gaborone, Boko said the larger stake would give the mineral-rich southern African nation greater sway over decisions at the unit.
“Our investment in De Beers is not just an investment in natural diamonds, it is an investment in technology,” Boko told lawmakers. He added that neighboring Namibia and Angola would also take part in the De Beers transaction.
The announcement marks Botswana’s direct backing of a bid by the Global Diamond Consortium, led by former De Beers CEO Gareth Penny. The group is seeking the 85% stake that Anglo American put up for sale in 2024 as part of a broader restructuring, as diamond prices fell.
Anglo American said Monday it would keep working with Botswana, other governments and the consortium to agree binding transaction documents.
Swiss luxury group Richemont, owner of Cartier, is among the companies in talks to join the consortium.
Boko also pointed to the synthetic diamond side of the business: “Botswana’s stake in De Beers gives it exposure not only to natural diamonds but also to advanced technology through Element Six, the miner’s synthetic diamond business.”
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