Botswana taking steps to acquire majority stake in De Beers, president says
Botswana is working on acquiring a majority stake in De Beers, President Duma Boko said on Monday, after Angola announced a rival bid to control the giant diamond company.
Botswana, which owns 15% of De Beers and contributes 70% of its annual rough diamond production, considers the company a strategic national asset, despite a slump in global diamond prices that has hurt its economy.
Boko told lawmakers during a State of the Nation Address in Gaborone that while Botswana sought to diversify its mining sector, diamonds would remain a major contributor to growth.
"It is in this regard that concrete steps are underway towards the acquisition of Anglo American's shares in De Beers," Boko said without disclosing further details.
The mining ministers of Botswana and Angola held talks in Botswana's capital on November 7 amid fears that the two regional allies' quests to control De Beers could trigger a standoff.
Although Gaborone avoided addressing the rival bids in remarks after the meeting, Angola's mines ministry said in a statement that the two ministers discussed acquiring shares in De Beers but did not provide more details.
Anglo American, which owns 85% of De Beers, is selling its entire stake to mainly focus on clean-energy metal copper. The global giant values De Beers at $4.9-billion.
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