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From Times Staff and Wire Reports
Namibia Gets 50% Stake in Diamond Industry: De Beers, the world’s largest diamond producer, gave up its monopoly on diamond mining in the African country in exchange for a guaranteed stake in the industry for 25 years. Under an agreement signed by President Sam Nujoma and De Beers Chairman Julian Ogilvie Thompson, a new mining concern split 50-50 between the government and De Beers will take over all diamond mining. The agreement marks a compromise between the domination enjoyed by De Beers in Namibia since 1919.
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