Botswana will double its stake in diamond producer De Beers to 30%, President Duma Boko said Monday.
In a speech to parliament in the capital, Gaborone, Boko said the revised stake would make the mineral-rich southern African nation De Beers' single largest shareholder, giving it greater influence over the unit's decisions.
"Our investment in De Beers is not just an investment in natural diamonds, it is an investment in technology," he said, adding that neighboring Namibia and Angola would also participate in the De Beers transaction.
Boko's announcement was Botswana's direct backing of a bid by the Global Diamond Consortium, a group led by former De Beers CEO Gareth Penny, for an 85% stake put up for sale by Anglo American in 2024 as part of a wider restructuring amid falling diamond prices.
Anglo American said Monday that it would continue to work with Botswana, other governments and the consortium towards agreeing to binding transaction documents.
The Swiss luxury group Richemont, the owner of Cartier, is among the companies in talks to join the consortium.
"Botswana's stake in De Beers gives it exposure not only to natural diamonds but also to advanced technology through Element Six, the miner's synthetic diamond business," Boko said.
