De Beers Sells 50% Stake in Botswana Coal Mine

De Beers is set to sell its 50 percent stake in Botswana’s sole coal mine to the country’s government, as part of parent company Anglo American’s attempts to trim its commodities portfolio, according to a report on reuters.com.

De Beers currently holds the stake in the Morupule Coal Mine, which produces 3.2 million tons of coal per year, through its Debswana Diamond Mining Company – a 50:50 joint venture between it and the Botswana government. Paul Smith, Minerals Development Company of Botswana (MDCB) CEO said that the stake would be transferred shortly, but did not reveal the price.

Earlier in the year, Anglo shut its Mmamabula coalfields in Botswana, in-line with the London-listed firm’s attempts to sell off various assets, following a very challenging 2015.

Resource (reuters.com)