Botswana could double its stake in De Beers to 30% under a proposed deal that would give the country a larger role in the diamond business.
President Duma Boko announced the proposed increase from 15% this month. IOL reports that Anglo American, which owns the remaining 85%, has selected the Global Diamond Consortium as its preferred bidder. Former De Beers chief executive Gareth Penny leads the consortium.
Negotiations on binding agreements are still ahead. If the deal proceeds on the proposed terms, Botswana would become the largest single shareholder. Namibia and Angola have also been linked to the proposed ownership structure, although their roles remain unclear.
The talks come amid softer demand for natural diamonds and competition from lab-grown stones. Botswana and De Beers already work together through their Debswana mining venture, established in 1969.
Source: IOL Business. Featured photo: The Glorious Studio / Pexels.