- De Beers CEO Al Cook believes deal will be “concluded in weeks”
- Anglo CEO, Botswana govt commit to overcoming impasse
BONGANI MALUNGA
Mining giant De Beers has set a feasible timeline for conclusion of a new diamond sales pact with the Government of Botswana.
The Chief Executive Officer of De Beers, Al Cook, set a timeline of “days and weeks” within which to conclude a deal that has been pending since last year.
Cook told journalists in Gaborone recently that De Beers is focused on avoiding a long, drawn-out saga that saw the agreement’s finalisation hibernated for close to a year due to technicalities.
Courtesy call on President
In a move seen as a pointer in that direction, he and the CEO of Anglo American, Duncan Wanblad, paid a courtesy call on President Duma Boko and Vice President Ndaba Gaolathe in Gaborone last week.
In discussing the exigencies of time around the deal, Wanblad, Boko and Cook were all in agreement that they needed to overcome an impasse that threatened to derail the deal.
Cook stated that although the diamond market is experiencing its most challenging phase since the 1980s, a renewal between the world’s leading diamond country by value and the company will provide the basis for a renewed interest in natural diamonds.
Since 1969
The De Beers CEO stated that the mining company is keen to prolong a partnership that has been intact since 1969.
Said an upbeat Cook to journalists in Gaborone: “What we agreed is that the world’s leading diamond company and country will stand shoulder-to-shoulder in marketing and creating desire for natural diamonds.
“That spirit of renewal was very positive. In addition to that, we discussed the agreement and both sides are very confident that we will reach alignment very shortly.
“The teams are actively negotiating. We are confident that we will move to a positive conclusion for the nation of Botswana and the shareholders of De Beers.
Shoulder-to-shoulder
“We see the negotiation concluding in days and weeks, not months and years. We are getting to the point of technicalities of the agreement, dotting the Is and crossing the Ts. We are very positive about that.
“I do believe that it’s very important that diamond markets around the world to see the nation of Botswana and De Beers standing shoulder-to-shoulder in order to promote natural diamonds. That will build confidence.
“I’m very confident that under the leadership of President Boko, the Vice President and his team, we will see a renewal of this partnership.”