Cape City: Angola is pursuing a 20%-30% stake in Anglo American’s diamond unit De Beers, a proposal being mentioned with different diamond-producing African nations, a senior official from Angola’s mining ministry instructed Reuters on Sunday.
De Beers, one of many world’s main diamond corporations with operations spanning Botswana, Namibia, Angola, South Africa and Canada, has been put up on the market by Anglo amid falling diamond costs and the worldwide rise of artificial diamonds.
Angola submitted a bid for a majority stake in De Beers in October 2025, although it had initially sought a minority stake.
“Taking the bulk stake inside luxurious commodities may be very harmful as a result of it relies upon in the marketplace,” Paulo Tanganha, Angola’s nationwide director of mineral sources, instructed Reuters on the sidelines of an African mining convention in Cape City.
“So to de-risk that, we have now to have a portion that’s sustainable for our financial system. And that vary (is) between 20% and 30%, we’re joyful about that.”
Neighbours Maintain Closed-Door Talks
Angola’s bid for a majority stake in De Beers had set the nation up for a possible bidding conflict with Botswana, which owns 15% of De Beers and has mentioned it was engaged on buying a majority stake within the firm.
Tanganha mentioned closed-door talks had been persevering with between Botswana, Angola, Namibia and South Africa to hunt a typical place on how every nation would profit from having a stake in De Beers, with no settlement but reached.
“There’s a saying: collectively we’re stronger. That is the best way we’re doing it. And if my neighbour is struggling, I additionally undergo. So we have now to be collectively and battle collectively as a crew,” Tanganha mentioned.
For Angola, state-owned diamond miner Endiama and its nationwide diamond buying and selling firm Sodiam would take up the stake in De Beers on behalf of the federal government, Tanganha mentioned.
Tanganha didn’t disclose how Angola would fund the De Beers stake acquisition however mentioned the nation had many sources of funding.
Anglo mentioned on Thursday it was reviewing the worth of the De Beers diamonds enterprise after its 2025 tough diamond manufacturing dropped.
Final yr, De Beers’ joint Angolan enterprise with Endiama found a brand new kimberlite cluster within the nation, its first such discovery in three a long time, testifying to the geological promise of the vastly under-explored nation. Kimberlite is a uncommon rock kind the place diamonds are generally discovered.
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