Botswana President Duma Boko confirmed the government's intention to acquire a controlling stake in the diamond company De Beers, after Anglo American Plc announced the sale of its 85% stake as part of a major restructuring. This is reported by Bloomberg, writes UNN.
Details
The government will use a controlling stake
According to him, concrete steps have already been taken to buy back De Beers shares from the British company.
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De Beers, most of whose diamonds are mined in Botswana, is a key source of income for the country – diamonds account for about 80% of exports. Despite the slowdown in the market and increased competition from laboratory-grown stones, the president emphasized that the diamond industry will continue to be the foundation of the economy.
Although this administration insists on diversifying the mining sector, diamonds will continue to be the main factor in the economic growth and transformation of our country
Other players are also vying for control of De Beers, including Angola's state-owned diamond company Endiama EP and investor groups associated with former De Beers executives. However, Botswana aims to complete the deal independently, possibly with the support of Oman's sovereign wealth fund, which could help finance the purchase.
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