The downturn in the diamond market means that Botswana should get a bigger stake in HB Antwerp, the country’s minister of mines Lefoko Moagi (pictured) told its Parliament on Tuesday, according to Reuters.
In March 2023, Botswana announced its intention to buy 24% of HB Antwerp. The government later revealed it had set aside 890 million pula, or $65 million, for the purchase.
Now the country believes that dollar amount entitles it to nearly half the company.
“We will not be injecting more capital, but we will get more shares for the same amount proposed in 2023,” Moagi said on Tuesday, as reported by Reuters. “Instead of the 24%, we will negotiate to get 49.9% for the same amount initially proposed.”
The HB Antwerp deal has proved controversial inside Botswana, with some expressing concern the country was increasing its exposure to the diamond market at a time of weakness.
HB Antwerp did not respond to a request for comment by press time.
(Photo courtesy of the government of Botswana)
Follow JCK on Instagram: @jckmagazineFollow JCK on Twitter: @jckmagazine
Follow JCK on Facebook: @jckmagazine
