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Lucara exit throws HB, gov’t deal in limbo

Friday, September 29, 2023 | 280 Views |

In doubt: Government’s equity deal with HB appears increasingly distant PIC: HB ANTWERP

Lucara’s decision to terminate its sales agreement with HB Antwerp has cast a cloud on the Belgian trader and government’s talks towards an equity deal, with President Mokgweetsi Masisi saying the State will determine “the course to take”.

Lucara, which represents HB Antwerp’s principal client, terminated its deal with the Belgian firm in the early hours of Thursday morning (local time) citing “a material breach of financial commitments” by HB. A few weeks ago, HB was rattled by a dispute between its founding shareholders over the strategic direction of the four-year old firm.

Masisi, who in March announced that government wanted to purchase a 24% stake in HB as a way of getting a foothold in the diamond value chain, struck a non-committal tone during a briefing yesterday.

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Lucara exit throws HB, gov’t deal in limbo

Lucara’s decision to terminate its sales agreement with HB Antwerp has cast a cloud on the Belgian trader and government’s talks towards an equity deal, with President Mokgweetsi Masisi saying the State will determine “the course to take”.