Botswana to double its stake in De Beers to 30%
By the AFREEQUE newsroom, based on Club of Mozambique
President Duma Boko announced that Botswana would raise its stake in the diamond group De Beers from 15% to 30% once Anglo American’s sale to a consortium is completed. The country would thus become the largest shareholder in the company, whose sale is backed by Gaborone, according to the head of state speaking before Parliament.
Botswana will double its stake in the diamond producer De Beers, raising it from 15% to 30%, if the sale of Anglo American’s share to a consortium of investors goes ahead, President Duma Boko told Parliament on Monday, according to Reuters. The Global Diamond Consortium is led by Gareth Penny, former chief executive of De Beers.
Botswana, which holds a pre-emption right over Anglo American’s stake, thus becomes the largest shareholder in De Beers, President Boko specified. His support is decisive for the sale to progress. The president added that the governments of Namibia and Angola will also take part in the transaction. Anglo American, the British mining group, put De Beers up for sale in 2024 as part of a restructuring, against a backdrop of falling diamond prices and the growth of synthetic stones.
According to two people cited by Reuters, the Swiss luxury group Richemont, owner of Cartier, is among the companies in talks to join the consortium, alongside jeweller Signet and several rough-diamond sorters. India’s Rosy Blue India, which had already been associated with the project, has withdrawn.
