Botswana and Angola in Race for De Beers
November 10, 25
(IDEX Online) - Mining ministers from Botswana and Angola met on Friday (7 November) as both countries seek control of the loss-making De Beers diamond company.
It remains unclear if they'll go head-to-head in a bidding war, with each vying for a majority share, or whether they will agree to a joint acquisition.
Botswana already owns a 15 per cent stake through its Debswana joint venture with De Beers and is aiming to increase its stake to more than 50 per cent.
Angola previously said it wanted only a minority stake, as part of a pan-African partnership with Botswana, Namibia, South Africa.
But in recent weeks it announced a change of heart and said it now wants the full 85 per cent share currently owned by Anglo American.
Botswana's mines minister Bogolo Joy Kenewendo and her Angolan counterpart Diamantino Pedro Azevedo spent about 40 minutes together in a closed-door meeting in Gaborone, capital of Botswana.
They revealed few details in statements issued afterwards.
"At the top of everyone's minds this year is the performance of the diamond industry and our collaborative efforts in bringing back the spark and the shine to the industry," said Kenewendo.