Namibia considers N$3bn De Beers stake as experts warn ‘you don’t buy a dead horse’

The government is considering spending up to N$3 billion to buy a stake in diamond giant De Beers, a decision experts say could place additional pressure on the country’s public finances.

Namibia is reportedly considering partnering with Angola and Botswana, which already hold a 15% stake in the De Beers Group, the world’s largest diamond company.

Speaking to The Namibian this week, minister of information and communication technology and government spokesperson Emma Theofelus said the deal has not been finalised yet.

“Kindly take note that the matter you are referring to is still under discussion at Cabinet level and thus not finalised. Therefore, it would be premature for me as government spokesperson to give you any information around a matter still under consideration by the Cabinet,” she said.