Angola has announced plans to purchase a minority stake in De Beers, aiming to safeguard the diamond giant’s independence while countering Botswana’s recent push for majority control.
According to Business Insider Africa, Angola’s state-owned diamond company, Endiama, has submitted a fully financed proposal for what it called a “strategic” stake.
The company stressed that it does not intend to seek majority ownership, but rather to encourage broader regional participation.
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This move comes as De Beers’ parent company, Anglo American, prepares to divest its 85% stake in the diamond miner as part of a restructuring plan launched over a year ago.
Anglo recently reduced De Beers’ valuation to $4.9 billion, citing declining demand for natural diamonds and the growing popularity of cheaper lab-grown alternatives.
The London-listed firm is already in talks with Botswana, which currently holds a 15% stake.
Angola’s Minister of Mineral Resources, Petroleum and Gas, Diamantino Pedro Azevedo, said the proposal is designed to foster a more inclusive partnership.
“Our bid is designed to foster a partnership in which Botswana, Namibia, South Africa, and Angola all participate meaningfully, ensuring that no single party dominates,” he noted.
The development underscores Angola’s growing influence in the diamond industry.
Earlier this year, the country overtook Botswana as Africa’s top diamond producer by value for the first time in two decades, according to the Kimberley Process certification scheme.
Endiama also reiterated its willingness to collaborate with both governments and private investors to keep De Beers “an independent, globally competitive commercial enterprise”
Image Credit: Mining.com
