Botswana to double De Beers holding under Anglo stake sale, president says
Botswana will increase its De Beers stake from 15% to 30% under Anglo American’s proposed sale to a consortium, President Duma Boko said. Botswana would become De Beers’ largest shareholder, and the governments of Namibia and Angola would also participate in the transaction.
1. Botswana backs sale
Botswana supports the proposed sale of Anglo American’s stake in De Beers to the Global Diamond Consortium, Boko said. Botswana has a right of first refusal on Anglo American’s stake, and the proposed deal would make it De Beers’ single largest shareholder.
2. Consortium discussions
Anglo American put De Beers up for sale in 2024 amid falling diamond prices and growing demand for synthetic stones. Anglo said it would continue working with Botswana, other governments and the consortium towards binding transaction documents. Consortium leader Gareth Penny said it was working with Botswana, Angola, Namibia and Oman towards becoming co-owners.
3. Synthetic diamond plans
Boko said De Beers’ Element Six business would participate in a planned $600 million synthetic diamond plant in the United States. He said demand for synthetic diamonds used in high-performance computing was likely to rise as artificial intelligence and large-scale data centres expand.
