Botswana's Plan to Buy HB Antwerp Stake "in Limbo"
March 17, 25
(IDEX Online) - Botswana's new government is reportedly cooling on plans to acquire a stake in the Belgian polisher HB Antwerp.
In March 2023 former President Mokgweetsi Masisi announced plans to buy a 24 per cent stake in a move that would, he said, herald "the dawn of a new era for the diamond industry in Botswana".
In August 2024 the government was reported to be renegotiating its proposed investment, seeking to more than double its share to 49.9 per cent for the same $66m payment.
But Masisi was ousted in a shock general election in October 2024 and comments made last week by minerals and energy minister Bogolo Kenewendo (pictured) suggest the deal is not a top priority.
"There was never anything signed on the dotted line, and so we have nothing really to progress," she said in an interview last week, as reported by Bloomberg.
She said the previous government was still doing due diligence when it was ousted and had never closed on that agreement.
"The deal is definitely not abandoned and HB is committed to Botswana," Rafael Papsimedov, a co-founder of HB Antwerp, told Bloomberg.
We have approached HB for comment.