By Radarr Africa Business Desk
GABORONE, November 11 (Radarr Africa) – Botswana will raise its stake in De Beers from 15% to 30% under the terms of Anglo American’s proposed sale of the diamond miner, President Duma Boko told parliament, confirming that the government backs the deal, Reuters reported.
Botswana holds a right of first refusal on Anglo’s stake in De Beers, which makes its support essential to any sale. Boko said that after the transaction Botswana would become De Beers’ largest shareholder, with ‘greater influence in the strategic decisions for decades to come’.
Anglo put De Beers up for sale in 2024 as part of a wider restructuring, citing falling diamond prices and rising demand for synthetic stones. In July, a Botswana official said Anglo had chosen the Global Diamond Consortium as its preferred bidder.
The consortium is led by Gareth Penny, a former chief executive of De Beers. Namibia and Angola will take part in the transaction, and Penny has said the group is also working with Oman towards becoming co-owners.
Other participants include Richemont, the owner of Cartier, which is in talks to join, along with the sightholders Diarough, Pluczenik and Grandview Klein Diamonds, and the jewellery maker Signet. The Indian firm Rosy Blue India has withdrawn from the group.
Anglo said it will continue working with Botswana, other governments and the consortium towards binding transaction documents. Penny said the consortium wants to finalise agreements with Anglo as soon as possible.
Boko also pointed to the technology side of the holding. He said Botswana’s stake would give the country exposure to Element Six, De Beers’ synthetic diamond business, which will take part in a planned $600 million synthetic diamond plant in the United States. The US government has asked Element Six to partner on synthetic diamond technology.
The president said he had agreed with US Commerce Secretary Howard Lutnick that Element Six should anchor a new technology partnership between Botswana and the United States.
