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A Review of Debswana‟S Performance Pre and Post the Acquisition of De Beers Shares by Anglo American Plc

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A Review of Debswana‟S Performance Pre and Post the Acquisition of De Beers Shares by Anglo American Plc A review of Debswana‟s performance pre and post the acquisition of De Beers shares by Anglo American plc. Khumo Mothulatshipi A research report submitted to the Faculty of Engineering and the Built Environment, University of the Witwatersrand, in partial fulfillment of the requirements for the degree of Master of Science in Engineering. Johannesburg, 2015 Declaration I declare that this research report is my own unaided work. Where work of other authors has been used, it has been duly acknowledged. It is being submitted for the Master of Science in Mining Engineering to the University of the Witwatersrand, Johannesburg. It has not been submitted before for any degree or examination to any other university. ………………………………………………………………. Signature …………… day of ……………………year ………………………………….. i Abstract The minerals industry has in the last decade witnessed volatility, uncertainty, complexity and ambiguity (VUCA). The diamond industry has not been immune to these challenges. These challenges coincided with the decision of the diamond mining family in 2011 to opt out of De Beers after approximately a century of being in control by selling their 40 % stake to Anglo American plc (AA) which already had 45 % stake in De Beers. This transaction increased Anglo American plc‟s stake in De Beers to 85% thus joining venture with the Government of the Republic of Botswana (GRB) under an already existing entity called Debswana. Botswana has been hailed as a beacon of success and a model African state both politically and economically mainly due to its effective management of economic proceeds generated mainly through Debswana diamonds. Something that might be seen as a possible threat to this economic stability is the merger and acquisition (M&A) between the GRB and AA. As a result this study was conducted as a way of investigating any possible impacts of the partnership of GRB and AA on the Debswana diamond company through the M&A transaction that occurred in 2011. The study was restricted to the mining operations in order to assess Debswana‟s performance more meaningfully pre and post the acquisition of De Beers shares by AA. The mining activities from Debswana operations comprise of Letlhakane, Damtshaa, Orapa, Jwaneng and Morupule Coal mine. The study is focusing on the production statistics and financial analysis using stock market and financial ratios. These are discussed in detail to assess the possible impact of the merger on Debswana‟s performance. In addition to this, empirical evidence based on factors determining a firm‟s performance before and after acquisition or merger is also discussed, with further action of aligning determinants to the literature findings. The study‟s key findings were that there has been a significant reduction in AA‟s financial performance post-merger but Debswana‟s performance has been fairly consistent. This is probably due to the fact that the 3-year post merger window period may not be sufficient to observe sufficient changes in Debswana‟s performance. Further research can be conducted on the current AA‟s repositioning strategy that aims at divesting in other operations and focusing on others and its impact on Debswana over a much longer window period than 3 years. ii Dedication This research project is dedicated to my late grandmother Gaedupe Mothulatshipi who always believed in me and encouraged me to be a better person in all aspects of life. iii Acknowledgements As a child is raised by a village in terms of the African traditions, it is safe to say that this report is a product of more than one person. I am immensely indebted to my supervisor, Prof. C Musingwini, under whose guidance this research report has been produced. His suggestions, corrections, constructive criticisms and tireless effort helped me to complete the research report. Indeed, I wish my mere saying of thank you would express how I sincerely appreciate his support. I say thank you and may God continue to bless him. My gratitude also goes to my colleagues and Debswana Jwaneng Mine Management especially, whose motivation and advice have brought me to this point of the academic ladder. I say may God richly bless you all. My task would have been immensely difficult without the continuing support of my husband Kebaneetswe Nnyenyiwa, who always encouraged me to complete this research project meticulously and comprehensively. I thank him very much for his understanding and patience. Another person who cannot go without being mentioned is my mother. She single handedly always supported my endeavours to become a better person through education. She has given me unconditional support and unlimited love, my entire life. Extended thanks go to my brothers and sisters along with their families and friends for their moral support and prayers. Last but not least, I thank God for guidance and the opportunities presented to me. As stated in the good book; in all things, give thanks to the Almighty God. Whenever the other side of life of creates despair and impossibility stares in the face, He is more than capable to turn them into hope and possibility. For His divine guidance and direction in the preparation of this research, I can only say thank you to Him. iv Table of Contents Declaration...................................................................................................................................... i Abstract .......................................................................................................................................... ii Dedication ..................................................................................................................................... iii Acknowledgements ...................................................................................................................... iv List of Abbreviations .................................................................................................................... x List of Figures ............................................................................................................................... xi List of Tables ............................................................................................................................... xii 1. INTRODUCTION ................................................................................................................. 1 1.1 Chapter overview .......................................................................................................................... 1 1.2 Mining industry overview ............................................................................................................. 1 1.3 Research background .................................................................................................................... 2 1.4 Research motivation ...................................................................................................................... 3 1.4.1 Botswana‟s dependence on diamonds ................................................................................... 3 1.4.2 History of diamonds in Botswana ......................................................................................... 4 1.4.3 Diamonds of today ................................................................................................................ 5 1.4.4 Shortcomings of the diamond industry in Botswana ............................................................ 6 1.4.5 Oppenheimers sell their stake in De Beers ........................................................................... 6 1.4.6 Anglo American plc exposure ............................................................................................... 7 1.4.7 Debswana in the global market ............................................................................................. 7 1.5 Research question(s)/hypotheses .................................................................................................. 8 1.6 Problem statement ......................................................................................................................... 8 1.7 Purpose of the study ...................................................................................................................... 9 1.8 Research objectives ....................................................................................................................... 9 1.9 Ethics, assumptions and delimitations of the study ...................................................................... 9 1.10 Report Structure .......................................................................................................................... 10 v 1.10.1 Chapter 1 ............................................................................................................................. 10 1.10.2 Chapter 2 ............................................................................................................................. 10 1.10.3 Chapter 3 ............................................................................................................................. 10 1.10.4 Chapter 4 ............................................................................................................................. 10 1.10.5 Chapter 5 ............................................................................................................................. 10 1.11 Chapter summary .......................................................................................................................
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