Botswana, Angola and Namibia have expressed interest in acquiring equity in De Beers, De Beers chief executive Al Cook has confirmed.
Cook disclosed the interest in an interview with Reuters, but declined to provide details on the size of potential stakes or the status of any negotiations. He did not comment on timelines for a possible transaction either.
The interest follows plans by Anglo American to divest its 85% stake in De Beers.
Anglo American announced the planned exit in May 2024 as part of a wider restructuring after a failed takeover approach by BHP.
Anglo American chief executive Duncan Wanblad said in February last year that the divestment of De Beers was expected to be “substantively complete” by the end of 2025. That deadline has since passed without a deal being announced.
Botswana, which currently holds a 15% shareholding in De Beers, is seeking a majority stake in the company to secure greater control over the diamond industry, which contributes about a third of the country’s government revenue, according to public statements by Botswana officials.
Angola is pursuing a significant minority stake through its state-owned diamond company Endiama, with officials indicating a preference for collaborative ownership with other African producer countries rather than outright control.
Namibia has also expressed general interest in an equity stake alongside Botswana and Angola, aligning with calls by Cook for stronger producer-country participation in the global diamond value chain.
However, the Namibian government said in November that no decision had been taken on whether to acquire shares in De Beers.
The Ministry of Industries, Mines and Energy told Namibia Mining & Energy that the matter had not yet been considered by Cabinet.
The ministry said Namibia remains focused on its existing diamond interests, including its 50% shareholdings in Namdeb and Debmarine Namibia.
THE BRIEF
In an age of information overload, Sunrise is The Namibian’s morning briefing, delivered at 6h00 from Monday to Friday. It offers a curated rundown of the most important stories from the past 24 hours – occasionally with a light, witty touch. It’s an essential way to stay informed. Subscribe and join our newsletter community.
The Namibian uses AI tools to assist with improved quality, accuracy and efficiency, while maintaining editorial oversight and journalistic integrity.
Stay informed with The Namibian – your source for credible journalism. Get in-depth reporting and opinions for
only N$85 a month. Invest in journalism, invest in democracy –
Subscribe Now!
