Angola says it remains interested in buying a stake in De Beers

Angola says it remains interested in buying a stake in De Beers

Angola has reaffirmed its interest in acquiring a 20%-30% stake in De Beers, the diamond unit of Anglo American, as part of a broader strategy to strengthen its position in the global diamond market. This proposal, discussed with other African diamond-producing nations, reflects Angola's shift from an initial bid for a majority stake in October 2025 to a more measured approach aimed at balancing economic stability with market risks according to senior officials. Paulo Tanganha, Angola's national director of mineral resources, emphasized that a stake within this range would provide sustainable economic benefits without overexposing the country to volatility in luxury commodity markets as reported.

Regional collaboration remains a key focus, with closed-door discussions ongoing among Angola, Botswana, Namibia, and South Africa to align interests in De Beers ownership. Botswana, which currently holds a 15% stake, has also signaled ambitions to increase its share, raising the prospect of competitive bidding according to Reuters. Angola's state-owned entities, Endiama and Sodiam, will pursue the stake on behalf of the government, though funding mechanisms remain undisclosed as stated.

Anglo American's decision to divest De Beers follows declining diamond prices and rising competition from synthetic alternatives, with the company recently reassessing the unit's value after a 2025 production dip according to business reports. Meanwhile, De Beers' recent discovery of a new kimberlite cluster in Angola—its first in three decades—highlights the country's untapped geological potential as reported.

The outcome of these negotiations could reshape regional dynamics in diamond production and influence Angola's economic diversification efforts. With no final agreement reached, stakeholders continue to monitor developments closely.