Angola is seeking to acquire a 20% to 30% stake in De Beers, the global diamond producer owned by Anglo American, as it looks to strengthen its position in the international diamond industry. The interest follows Anglo American’s decision to sell the business amid subdued diamond prices and shifting market dynamics, Reuters reported.
Paulo Tanganha, Angola’s national director of mineral resources, said the government had initially considered bidding for a controlling stake but later scaled back after assessing the risks tied to luxury commodities. Speaking on the sidelines of an African mining conference in Cape Town, he said a minority stake would allow Angola to participate strategically while limiting financial exposure, according to MarketScreener.
De Beers operates diamond mines in Botswana, Namibia, Angola, South Africa and Canada, making it central to the global diamond supply chain. Angola, one of Africa’s top diamond producers, has been pushing to increase value capture from its mineral resources beyond raw production.
Any stake acquired would be held by Angola’s state diamond miner Endiama and national trading company Sodiam. Tanganha said discussions are also under way with other African diamond producers, including Botswana and Namibia, on possible coordination, though no agreement has yet been reached, Reuters added.
