The mining ministers of Botswana and Angola are scheduled to hold talks in Gaborone today (Friday), as both Southern African nations pursue ownership of Anglo American’s diamond unit, De Beers, according to Reuters.
Botswana, which currently holds a 15% stake in De Beers and supplies 70% of its annual rough diamond production, views the company as a strategic national asset.
This is despite a global downturn in diamond prices that has impacted the country's economy.
Angola, initially interested in a minority stake, has since submitted an offer for a majority share, potentially setting the stage for a bidding contest with its neighbour.
Botswana’s Mines Minister Bogolo Joy Kenewendo and her Angolan counterpart, Diamantino Pedro Azevedo, began their meeting at 0800 GMT, according to a programme released by Botswana’s ministry.
The agenda was not disclosed.
Following their discussion, the ministers are due to meet with Botswana’s President Duma Boko before Azevedo departs for Angola around 1230 GMT.
Anglo American placed De Beers on the market as part of a strategic shift to focus on other sectors, valuing the diamond giant at $4.9 billion.
Mathew Nyaungwa, Editor-In-Chief, Rough & Polished
