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Govt. pockets P49 billion from De Beers Group

patriot by patriot
January 7, 2021
in News
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Govt. pockets P49 billion from De Beers Group
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Mineral Resources, Green Technology and Energy Security minister, Eric Molale, says in the last five (5) years, Government has received as dividends from De Beers Group of Companies a sum of forty-nine billion, one hundred and one million, one hundred and fifty four thousand and nine hundred and eight pula (P 49,101,154,988).

Molale made the revelations when answering question on parliament posed by Tati West Member of Parliament Biggie Butale on Wednesday.

 Butale had asked Molale to reveal how much government has received as annual dividends for the last five years from De Beers Group of Companies where government of Botswana holds 15% shareholding.

Minister Molale indicated that all the dividends totaling P 49 billion are from De Beers adding that Debswana dividends are received from profit split of 80.8% government of Botswana and 19.2% on De Beers side.

Responding to if the investment in De Beers Group of Companies is of any financial value in relation to dividend received, he said the government investments are fully financially viable.

“ It should be noted that dividends are declared by the Boards of each of the companies, taking into consideration the cash needs of the business, and expectations from ongoing cash generation by each company,’’ Molale said.

He also said dividends paid were affected by significant cash requirements for the past five years due to the new investments at Gahcho Kue Diamond Mine in Canada and a new vessel for DebMarine in Namibia.

The expansion projects by Debswana, being Cut-8 in Jwaneng the Letlhakane Tailings Treatment Plant and mine have also added to the expenditure on new investments, Molale highlighted.

“ It also worth noting that other developments that had negative impact on revenues were the closures of three mines being Snap Lake and Victor Mine which, both in Canada and Voorspoed Mine in South Africa. The closure of Letlhakane Mine open pit operation in Botswana crippled revenues,” he said.

Government has a 15 percent stake in De Beers, while Anglo American Corporation and the Oppenheimer family hold a 45 percent and 40 percent stake respectively and from Debswana Diamond Company government has 50% shareholding. 

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  • VACANCY: IDMJanuary 30, 2023
     QUALITY ASSURANCE COORDINATOR  (3 YEARS FIXED CONTRACT)   Closing Date: 10 February 2023 
  • VACANCIES: Naledi Mining Services Company (NMSC)January 30, 2023
    Mining Manager – Operations _ 5 Year FTC Information Management Analyst_ 5 Year FTC Safety & Health Coordinator _ 5 Year FTC Human Resources Officer_ 5 Year FTC Maintenance Technician _ 3 Year FTC Maintenance Artisan – Fitter _ […]
  • WE ARE HIRING: Choppies Distribution Centre (Pty) LtdJanuary 30, 2023
    Commercial And Systems Manager Closing Date: 11th February 2023
  • Killings of journalists up 50% in 2022, half targeted off duty    January 25, 2023
    Eighty-six journalists and media workers were killed around the world in 2022 – one every four days, according to UNESCO data, highlighting the grave risks and vulnerabilities that journalists continue to face in the course of their work.   […]
  • Judge Tau; please don’t stifle public scrutiny of the Court of AppealJanuary 25, 2023
    Her utterances are misplaced and must be condemned with the contempt it deserves ADAM PHETLHE The Patriot on Sunday dated 15 January 2022 carried an article titled ‘Judge Tau defends CoA Integrity’, with sub-headings “Complains of discrediting reckless statements; […]
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