Botswana Seeks Diamond Dominance, Eyes Majority Of De Beers

Botswana is reportedly seeking a controlling stake in the leading diamond producer De Beers, potentially complicating Anglo American's (OTCQX:AAUKF) plans for the sale.

The sharp downturn in the global diamond industry has destabilized the market and rattled the economy of the southern African nation, which provides over a quarter of the world's production.

Botswana's Minister of Minerals and Energy, Bogolo Kenewendo, stated that the government is committed to taking a greater ownership stake in the company. "President Duma Boko remains resolute in his quest to increase Botswana's stake in De Beers to ensure Botswana's full control over this strategic national asset and the entire value chain, including marketing," Kenewendo said to The Financial Times.

The country already holds a 15% stake in De Beers and co-owns the Debswana joint venture, which forms the backbone of De Beers' production.

But frustrations are mounting in Gaborone over Anglo's handling of the sale ...