Botswana and Angola contend for control of De Beers

The mining ministers of Botswana and Angola are set to meet for talks in Botswana's capital, as the two Southern African countries seek to take control of Anglo American diamond unit De Beers.

Image credit: Reuters/Siphiwe Sibeko

Botswana, which currently owns 15% of De Beers and contributes 70% 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, setting up a potential bidding war with its neighbour.

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Botswana's mines minister, Bogolo Joy Kenewendo, and Angolan minister, Diamantino Pedro Azevedo, are expected to start their meeting around 0800 GMT, according to a programme shared with reporters by Botswana's mines ministry.

The programme did not say what the two ministers would discuss. After their talks, they will pay a visit to Botswana's President Duma Boko, before Azevedo flies to Angola around 1230 GMT.

Anglo put De Beers, one of the world's leading diamond companies, up for sale to focus on other parts of its business and values it at $4.9bn.