Boko Determined to Acquire Majority Stake in De Beers
November 13, 25
(IDEX Online) - Botswana's President Duma Boko says he's determined to acquire a majority stake in De Beers for his nation - despite a last-minute rival bid from Angola.
"Government will leverage a majority stake," he said in a speech on Monday (10 November).
"Concrete steps are under way towards the acquisition of Anglo-American shares in De Beers."
He was speaking just three days after mining ministers from both countries met in Gaborone, Botswana's capital, to discuss cooperation in the diamond industry and their respective interests in acquiring shares of De Beers.
Majority owner Anglo American is selling its 85 per cent stake in the loss-making miner as it focuses on copper and other more profitable assets.
Botswana, which has long held a 15 per cent stake in De Beers, has been clear for several months now that it wants to achieve overall control.
Angola had, until recent weeks, been seeking only a minority stake, as part of a pan-African partnership but now wants the full 85 per cent share.
Pic shows President Duma Boko of Botswana.