Botswana is actively seeking to increase its stake in De Beers as Anglo American considers selling its ownership in the diamond producing giant. President Mokgweetsi Masisi confirmed this intention during a rally near Gaborone on Monday, according to a report in Bloomberg quoted by Diamond World.
“We are going to increase the shares that we have in De Beers,” Masisi announced, highlighting the government’s role in selecting a new investor who understands the diamond industry’s cyclical nature.
Currently, Botswana holds a 15% stake in De Beers, the world’s largest diamond miner by value, and supplies 70% of its annual rough diamonds.
Anglo American recently revealed plans to divest its 85% stake in De Beers, following an unsolicited takeover bid from BHP. Anglo American acquired its majority share in 2011 by purchasing the Oppenheimer family’s 40% stake for $5.1 billion.
In a related report on IDEX Online, De Beers is set for an amicable separation from Anglo American, according to CEO Al Cook. Cook likened the planned divestiture to a “conscious uncoupling,” a term famously used by Gwyneth Paltrow and Chris Martin during their 2014 split.
