The government of Botswana aims to take a controlling stake in De Beers, its mining minister Bogolo Kenewendo (pictured) told the Financial Times Wednesday.
Botswana president Duma Boko “remains resolute in his quest to increase Botswana’s stake in De Beers to ensure Botswana’s full control over this strategic national asset, and the entire value chain, including marketing,” Kenewendo told the FT.
The government of Botswana currently owns 15% of De Beers, while Anglo American owns the other 85%. In May 2024, Anglo announced it would divest its holding.
When the FT asked Kenewendo where Botswana would get the funds for this takeover, she responded that money is “not an issue.”
The report further said that the initial bids for the company were due by the beginning of August.
Kenewendo also criticized Anglo American’s management of the sale process, saying it has “failed to manage the process transparently or in coordination with the government and with our support.” Anglo denied this in a statement to the FT.
Last week, Boko said Botswana might “take over” the country’s diamond resources, since De Beers wasn’t “doing its job.” He also said that Botswana had made a mistake in the past when it failed to increase its shareholding.
Photo courtesy of the government of the Republic of Botswana