Cleaver: De Beers operates on premise of fair deals

February 28, 2023

Former CEO of De Beers Group, Bruce Cleaver, says De Beers operates on the premise of offering fair deals to all host governments from the countries they operate in. 

"The deal we have in every country is fair and appropriate for every party and the country in which we are in. I am very confident that all our deals are very fair to all our host countries and allow both of us to do what we want to do, which is to invest into the future," said Cleaver.  

He said this when asked whether other host countries De Beers operate in will follow Botswana's demand of a higher stake. 

Cleaver made the statement after a closed-door meeting with President Hage Geingob and Mines and Energy Minister Tom Alweendo in Windhoek on Tuesday, during which he introduced his successor Al Cook. 

Cleaver assured Geingob that he would still be involved with De Beers Group as a Co-Chairman, while Cook would take over as CEO.

This comes after Botswana President Mokgweetsi Masisi is reported to have threatened to end the sales deal with De Beers if negotiations slated for late June do not turn out favourable. 

Under the 2011 agreement De Beers sold 90% of diamonds while Botswana auctioned 10% through its Okavango Diamond Company. In 2020, Botswana’s share was raised to 25%.

"Botswana takes 80 cents from every dollar that comes out of our partnerships, and we take 20%, and I am sure you have heard President Masisi wants a win-win situation and am certain we will achieve that when we negotiate," Cleavers said on Tuesday.

In Namibia, De Beers formed a new joint venture with the Namibian government called Namdeb Holdings, in which De Beers holds a 50% stake and the Namibian government holds the other 50%. 

Namdeb is the operator for land-based diamond mines while Debmarine operates the offshore licences.

Rate this item
(0 votes)
Last modified on Wednesday, 01 March 2023 18:33

Joomla! Debug Console


Profile Information

Memory Usage

Database Queries