Botswana Battles Angola for Control of De Beers: A Diamond Standoff

Botswana aims to acquire a majority stake in De Beers amid Angola's competing bid. Owning 15% of De Beers, Botswana views the diamond firm as crucial to its economy, despite falling diamond prices. Talks with Angola raise concerns of a potential conflict over control.

In a bid to secure a majority stake in De Beers, Botswana is facing a rival offer from Angola, President Duma Boko announced. This move comes as both countries recognize the strategic value of the diamond giant.

Botswana, which currently owns 15% of De Beers and is responsible for 70% of its rough diamond output, views the company as integral to its economic well-being, despite the global downturn in diamond prices. Addressing lawmakers, Boko emphasized the importance of the diamond industry, alongside efforts to diversify their mining sector.

Negotiations took place in Gaborone between the mining ministers of Botswana and Angola to discuss potential ownership stakes. While Botswana remained tight-lipped on the issue of competing bids following discussions, Angola acknowledged talks concerning De Beers shares, with Anglo American seeking to divest its 85% share to focus on clean-energy metal copper.

(With inputs from agencies.)