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De Beers in new Botswana deal

Sep 16 2011 14:13 Reuters

Company Data

ANGLO AMERICAN PLC [JSE:AGL]

Last traded 288.25
Change 1.04
% Change 0.00
Cumulative volume 707378
Market cap 405.13bn

Last Updated: 23/07/2014 at 11:22. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - Diamond producer De Beers said on Friday it has signed a new 10-year contract for the sorting, vaulting and sales of the diamond production of Debswana, its joint venture with the government of Botswana.

De Beers, 45% owned by global miner Anglo American [JSE:AGL], said in a statement it is the longest sales contract to date between the partners. Debswana is the group's major producer.

As part of the deal, De Beers said it would transfer its London-based rough diamond sales operations to Botswana by the end of 2013.

Botswana is the world's largest supplier of diamonds and the agreement maintains De Beers' access to the country. De Beers, founded in the late 19th century, controls around 40% of the global rough diamond market.

Sparsely-populated Botswana is keen to diversify its economy by moving into the sales side of the diamond industry.
botswana  |  de beers
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