Africa’s largest diamond producer wants to buy controlling stake in De Beers next month.
Botswana’s President Duma Boko says his government is aiming to finalise a deal to acquire majority control of De Beers by the end of October, even as talks continue with Anglo American Plc and other interested buyers.
Anglo, which owns 85% of the diamond giant, is seeking to divest its stake as part of a restructuring launched 16 months ago.
The London-listed miner has delayed the sale amid a prolonged slump in the natural-stones market, pressured by rising demand for cheaper lab-grown alternatives.
Anglo wrote down De Beers’ value to $4.9 billion in February and confirmed it remains in discussions with Botswana, which already holds a 15% stake.
To finance the deal, Botswana is in talks with potential partners, including Oman’s sovereign wealth fund, according to Boko.
Diamonds remain the bedrock of Botswana’s economy, accounting for 80% of exports and about a third of state revenue. But a sharp downturn in prices has pushed the nation into crisis, with S&P Global Ratings forecasting a second consecutive year of economic contraction in 2025.
The slowdown has already squeezed government finances, prompting Boko, elected in October, to declare a public health emergency in August.
Source: Africabusinessinsider
