Botswana wants to buy De Beers controlling stake by next month, President says

Botswana’s president aims to complete a deal to take a majority stake in De Beers by the end of next month, even as his administration and other potential buyers continue negotiations with the diamond company’s controlling shareholder.

Anglo American is looking to divest its 85% stake in De Beers, which mines most of its gems in the southern African nation, as part of a restructuring process that began 16 months ago.

The London-listed miner has waited to sell its diamond unit amid a prolonged slump in the natural stones market, which is grappling with fierce competition from much cheaper lab-grown alternatives.

Anglo has received interest from other buyers and a deal with Botswana hasn’t been finalised.

A spokesperson for Anglo — which wrote down the value of De Beers to $4.9-billion in February — said the company “continues to engage” with Botswana “as our partner in De Beers.” The government already owns the remaining