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Botswana Eyes Greater Stake in De Beers

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.



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