25 Jun 2024

 The future of one of the world’s leading diamond companies, De Beers Group and the nature of its partnership with Botswana were key issues deliberated upon as President Dr Mokgweetsi Masisi hosted Anglo American CEO, Mr Duncan Wanblad at the Office of the President yesterday.

Minister of Minerals and Energy, Mr Lefoko Moagi revealed this in an interview after a courtesy call on the President by Mr Wanblad, who is also the De Beers Group chairperson, accompanied by De Beers CEO, Mr Al Cook, and the company resident director, Mr Neo Moroka.

Mr Moagi said with Botswana being a 15 per cent shareholder of De Beers and Anglo American holding the majority 85 per cent in the diamond trading giant, discussions centred around safeguarding Botswana’s interest in Anglo’s plans to divest its stake in De Beers.

“Mr Wanblad informed President Masisi about last month’s bid by BHP Billiton to acquire Anglo American, which was not successful. Also the ongoing plans by Anglo to sell their shares in De Beers were discussed, since we are an interested party as a shareholder. President Masisi informed our partners that we are interested in partaking in that sale, including assessing if we could increase our share holding,” Mr Moagi said.

He added that the conclusion of the Botswana and De Beers partnership agreement, which was scheduled to be signed on June 28, would be delayed by a couple of weeks as there were some slight grey areas that needed to be finalised.

Also speaking to BOPA after meeting the President, Mr Wanblad said it had taken place in an affable manner as the two partners shared the latest information around the structure of their diamond business.

“We have met His Excellency many times in our partnership with Botswana and we have had a very cordial, fruitful meeting on how we progress this for the next few years. BHP made an unsolicited bid for the whole of Anglo American which includes De Beers; that has finished and gone away. What we still have, we are in the process of talking of Anglo selling or demerging our stake in De Beers and that is what I was speaking with the President about,” Mr Wanblad said.

Mr Wanblad said Anglo American continued to value Botswana as an important partner and fellow shareholder in De Beers and there was a need for dialogue between the two partners before any changes were effected.

“The government of Botswana and Anglo American have enjoyed many fruitful decades of partnership, which I believe will continue until our stake is eventually divested or demerged. Without a doubt this (planned sale) had absolutely nothing to do with our relationship with the Government of Botswana. This is about day lighting the true value of De Beers, getting it into the right hands, right ownership and the right structure so the absolute essence of De Beers is visible to the world than it is under Anglo,” Mr Wanblad said. ENDS