Botswana to Settle for Smaller De Beers' Stake?

(IDEX Online) - Botswana may now settle for a minority stake in De Beers rather than seeking majority control, according to a report in The Economist.

It says the government is now pursuing at "least 25%," which would indicate a significant softening in President Duma Boko's position.

He has previously insisted, on many occasions, that he wants a controlling stake in the company, framing such a move as a matter of  "economic sovereignty".

The Economist also quotes an unnamed executive at Debswana - the government's joint venture with De Beers, as saying: "It probably doesn't make sense to go all out."

Botswana currently owns 15% of the loss-making diamond miner, which is being sold by parent company Anglo American.

In December 2025, the IMF cautioned against Botswana's plans to increase its stake, given the country's struggling economy.

The president rejected that call in no uncertain terms saying it was for the people of Botswana to decide, not the IMF.

"It's our people who are running this country, and we said we want De Beers, and we are going to take it," he said.

Angola's government has also expressed an interest in acquiring a significant stake in De Beers, and Namibia is also a potential bidder.

Experts believe the most likely outcome will be that a consortium or private investors will buy a controlling stake, and African governments including Botswana will hold minority shares.