Angola and Botswana are exploring deeper cooperation in diamonds and energy, including a possible joint stake in De Beers and Botswana’s proposed 30% interest in the refinery.

Kgadima, speaking to Channel Africa on Thursday, supported regional ownership of De Beers but said Botswana, Angola and Namibia should have acquired equity in Anglo American before the sale process began. “That would have given them a lower-price entry in acquiring De Beers and a preference in acquiring De Beers,” Kgadima said.

“Unfortunately, they’re going to pay a premium on the asset that ordinarily they should have been owning. I think it was a strategic error, but all the same, it makes sense for them to take control of this strategic asset.”

Kgadima said cooperation could strengthen the countries’ influence over the marketing of natural diamonds as synthetic alternatives gain market share. “De Beers has a long history of successfully marketing diamonds,” Kgadima said. “They have global distribution, marketing and points of sale all over the world.”

However, Kgadima questioned the economic case for Botswana acquiring a stake in the proposed 200 000-barrel-a-day Lobito refinery.

Global refining capacity was estimated at 102 million barrels a day in 2025, compared with throughput of about 86 million barrels, suggesting that available capacity exceeded demand.

Botswana consumes approximately 35 000 barrels daily. A 30% stake would represent about 60 000 barrels of the refinery’s daily capacity. “It is not clear what Botswana would do with the balance or where this would be marketed, taking into account that there is overcapacity,” Kgadima said.

Botswana’s landlocked position means ownership of refinery capacity would not automatically guarantee affordable or dependable fuel supplies.

Kgadima identified Namibia’s Port of Walvis Bay as the most practical gateway for transporting refined fuel to Botswana. “You can have all the liquid fuels in the world, but if you do not have the gate at the port to import, then you have nothing,” Kgadima said.

Kgadima argued that Botswana should first secure port access and invest in lower-cost overland logistics. “The issue is whether you can transport fuel from the point of production to the point of consumption in a less costly manner,” Kgadima said.

“The idea that we need to buy 30% into the Lobito refinery is more ideological than invested in economic reality and viability.”

–ChannelAfrica–