Angola has entered the race to acquire Anglo American’s controlling stake in diamond giant De Beers, setting up a potential showdown with neighboring Botswana and other interested parties.
State-owned diamond company Endiama has submitted what it calls a “concrete and well-defined proposal” to purchase Anglo’s 85% stake in De Beers, according to CEO José Manuel Ganga Júnior. Speaking in Luanda, Ganga Júnior said the company is now moving forward with “subsequent actions,” though he declined to share details, citing confidentiality in the ongoing talks.
Anglo American, which is listed in London, declined to comment on the offer. The mining group began a sweeping restructuring process about 17 months ago and launched a formal sale of its De Beers stake in June. Several investor groups, including one led by former De Beers executives Gareth Penny and Bruce Cleaver, have also expressed interest.
Botswana — already holding 15% of De Beers — is eager to expand its share to a controlling stake. President Duma Boko has described the push as a “matter of economic sovereignty,” underscoring the country’s desire to maintain influence over its most valuable resource.
De Beers sources most of its diamonds from Botswana, where it has operated a joint venture with the government for decades. Under the company’s shareholder agreement, Botswana has the right to match any external offers, potentially complicating Angola’s bid.
Endiama’s proposal represents a significant shift in Angola’s diamond strategy. Just last month, the country’s mines ministry said it was exploring only a minority strategic stake in De Beers, intended to foster collaboration with Botswana.
Now, Angola is positioning itself as a full buyer. “De Beers is such a large business that we believe there is room for several partners,” Ganga Júnior said, adding that Angola hopes to “reach an understanding” with Botswana, though he declined to confirm whether formal discussions have taken place.
Angola recently overtook Botswana as Africa’s top diamond producer by value, according to the Kimberley Process, marking the first time in two decades that it has led the continent in output. De Beers already has an exploration joint venture with Endiama in Angola.
By acquiring De Beers, Endiama aims to tap into the company’s advanced mining technology and global marketing network, which Ganga Júnior said would help accelerate Angola’s growth in the diamond sector.
“These are factors that, if we’re part of De Beers, will automatically allow us to take bigger leaps forward,” he said.
Botswana’s minerals and energy minister, Bogolo Kenewendo, did not immediately respond to a request for comment.
Main Image: Bloomberg
