Govt forges ahead with HB deal

Tuesday, November 07, 2023 | 890 Views |

Shining bright: Diamonds are the economy's mainstay

President Mokgweetsi Masisi says government is conducting “detailed legal and commercial due diligence studies” in order to finalise the purchase of a 24% equity stake in Belgian diamond firm, HB Antwerp.

The deal was shrouded in doubt last month after Lucara terminated its own 10-year agreement with HB, citing “material breaches of financial commitments”. Prior to that, the Belgian diamond trader was shaken after one of its co-founding partners initiated a lawsuit alleging he had been kicked out of the firm.

Last month, when asked by Mmegi whether the termination of the Lucara deal would have an impact on government’s own negotiations with HB, Masisi said government would “determine the course it would take”

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