Botswana has refused the option to buy an additional 10 percent in De Beers, which would have increased its stake in the company from the current 15 percent to 25 percent.

Botswana was given a preemptive right to raise its stake in De Beers at the time of the agreement between Anglo American, the government of Botswana and CHL, for the buyout of the Oppenheimer family stake in De Beers. The Oppenheimer family stake in De Beers was represented by CHL. The deal of CHL’s stake in De Beers was worth $5.1 billion. If GRB would have increased its stake in De Beers, the same would have cost it $1.3 billion, reports say.

With Botswana refusing to buy the stake. Anglo American will be the owner of another 40 percent stake in De Beers with the purchase of the Oppenheimer family (CHL) stake. This will increase Anglo American’s current stake in De Beers from 45 percent to 85 percent.