Anglo American's De Beers and Botswana extend long-term partnership
Anglo American PLC on Tuesday said De Beers Group has signed formal agreements with the government of Botswana, securing a long-term diamond partnership that extends both mining and sales operations in the country.
London-based multinational mining company Anglo American owns 85% of diamond company De Beers, with the remaining 15% stake held by the government of Botswana.
The agreements include a 10-year sales agreement, which may be extended by an additional five years, and a 25-year extension of mining licenses for Debswana, the 50-50 joint venture between De Beers and Botswana that operates the Jwaneng and Orapa diamond mines. The mining licenses will now run from 2029 to 2054.
Anglo American Chief Executive Officer Duncan Wanblad said: ‘We are delighted that this extraordinary diamond partnership is secured for decades to come, affirming De Beers’ leadership position and providing reassurance across the entire diamond value chain.
‘These agreements provide long term stability for both partners as they work together to support the rough diamond market’s recovery from a period of challenging trading conditions. The certainty provided also forms a critical step towards De Beers’ next chapter as an independent company and as the world’s most iconic diamond business.’
Shares in Anglo American were down 0.6% at 2,385.00 pence in London on Tuesday afternoon. In Johannesburg, they were up 1.1% at R 556.13
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