Botswana wants a controlling stake in De Beers as Anglo American prepares to divest from the diamond giant, the Financial Times reported on Wednesday, citing the country’s mining minister.
Mining minister Bogolo Kenewendo told the Financial Times President Duma Boko “remains resolute in his quest to increase Botswana’s stake in De Beers to ensure Botswana’s full control over this strategic national asset and the entire value chain, including marketing”.
Any sale of De Beers “without our support will be difficult to achieve,” the report also quoted Kenewendo as saying.
Botswana owns 15% of De Beers, which supplies about 70% of the company’s annual rough diamond production.
The announcement follows Anglo American’s decision to sell De Beers as part of a sweeping restructuring after fending off a takeover bid from BHP Group earlier this year.
Reuters reported in June that De Beers has attracted interest from at least six consortia, including groups backed by commodities billionaire Anil Agarwal, Indian diamond firms and Qatari investment funds.
Anglo American “continues to engage with the government of Botswana on a regular basis and at all appropriate stages of its process to either sell or list and demerge its 85% shareholding in De Beers”, a company spokesperson said in an emailed statement.
Reuters
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