Botswana to increase stake in De Beers to 30% — Anadolu Agency

Botswana will double its stake in diamond mining company De Beers to 30%, President Duma Boko said during a speech in parliament in Gaborone. Anadolu Agency reports that following the stake revision, Botswana will become De Beers’ largest single shareholder and will have greater influence over the company’s decisions.

Participation in the consortium

Boko’s statement means Botswana’s direct support for Global Diamond Consortium’s bid to acquire an 85% stake in De Beers. The consortium is led by former De Beers chief executive Gareth Penny. Anglo American put this stake up for sale in 2024 as part of a broader restructuring amid falling diamond prices.

The president also said that neighboring Namibia and Angola would participate in the De Beers deal. Swiss luxury group Richemont, which owns the Cartier brand, is among the companies in talks to join the consortium.

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Investment in technology

According to Boko, Botswana’s increased stake is an investment not only in natural diamonds but also in technology. He noted that participation in De Beers would give the country access to advanced technologies through Element Six, De Beers’ synthetic diamond business.

Anglo American said it would continue working with Botswana, other governments and the consortium to agree binding documents for concluding the deal.