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Botswana, which currently 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.
The mining ministers of Botswana and Angola met for talks in Botswana’s capital recently, as the two Southern African countries seek to take control of Anglo-American diamond unit De Beers. Botswana, which currently 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.
Angola initially sought a minority stake in De Beers but later submitted a bid for a majority stake, setting up a potential bidding war with its neighbour. Botswana’s mines minister Bogolo Joy Kenewendo and Angolan minister Diamantino Pedro Azevedo met. However, details of the talk is still not available.
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Anglo put De Beers, one of the world’s leading diamond companies, up for sale to focus on other parts of its business and values it at USD 4.9 billion.