Online Reporter
The mining ministers of Botswana and Angola held talks in Botswana’s capital on Friday on cooperation in the diamond sector, as the two Southern African countries seek to take control of Anglo American diamond unit De Beers.
Botswana, which owns 15 percent of De Beers and contributes 70 percent of its annual rough diamond production, considers the company a strategic national asset, despite a slump in global diamond prices that has hurt its economy.
Angola initially sought a minority stake in De Beers but later submitted a bid for a majority stake, sparking a potential bidding war with its neighbour.
Botswana’s mines minister Bogolo Joy Kenewendo and Angolan minister Diamantino Pedro Azevedo discussed collaboration in the diamond industry, as well as energy and logistics at a meeting briefly opened to reporters.
Before that, they held a closed- door meeting which lasted about 40 minutes.
“At the top of everyone’s mind this year is the performance of the diamond industry and our collaborative efforts in bringing back the spark and the shine to the industry,” Kenewendo said.
Angola’s mines ministry said in a statement that the two ministers discussed “the interest of both countries in acquiring shares in the multinational De Beers” but did not provide more details.
The two ministers did not take any questions as they headed for another meeting with Botswana’s President Duma Boko in Gaborone.
Anglo put De Beers, one of the world’s leading diamond companies, up for sale, valuing it at US$4,9 billion, to focus on other parts of its business. – Reuters
