Angola seeks 20%-30% stake in De Beers: Report

Cape Town: Angola is pursuing a 20-30% stake in Anglo American’s diamond unit De Beers and the proposal is being discussed with other diamond-producing African countries, a senior official at Angolan’s mining ministry told Reuters on Sunday.

De Beers, one of the world’s leading diamond companies operating in Botswana, Namibia, Angola, South Africa and Canada, was put up for sale by Anglo due to the decline in diamond prices and the global rise of synthetic diamonds.

Angola made an offer for a majority stake in De Beers in October 2025, although it initially sought a minority stake.

“Taking a majority stake in luxury commodities is very dangerous because it depends on the market,” Paulo Tanganha, Angola’s national director of mineral resources, told Reuters on the sidelines of the African mining conference in Cape Town.

“So to eliminate that risk, we need to have a sustainable margin for our economy. And that range is between 20% and 30%, we’re happy with that.”

Neighbors Had Closed Door Talks

Angola’s bid for a majority stake in De Beers had set the country up for a potential bidding war with Botswana, which owns 15% of De Beers and has said it is working to buy a majority stake in the company.

Tanganha said closed-door talks were ongoing between Botswana, Angola, Namibia and South Africa to determine a common position on how each country would benefit from owning a stake in De Beers, but no agreement had yet been reached.

“There is a saying: we are stronger together. That’s what we do. If my neighbor suffers, I suffer too. That’s why we have to be together and fight together as a team,” Tanganha said. he said.

Tanganha said on behalf of Angola that state-owned diamond miner Endiama and its national diamond trading company Sodiam would acquire shares in De Beers on behalf of the government.

Tanganha did not say how Angola would finance the De Beers stake purchase, but said the country had many sources of financing.

Anglo said on Thursday it was reviewing the value of its De Beers diamond business after 2025 rough diamond production fell.

Last year, De Beers’ joint venture with Endiama in Angola discovered a new kimberlite cluster in the country; it was the first such discovery in three decades, proving the geological promise of the little-explored country. Kimberlite is a rare type of rock where diamonds are commonly found.