Angola is pursuing a 20%-30% ownership interest in De Beers, according to a senior official
A senior official from Angola’s mining ministry told Reuters on Sunday that the country is considering acquiring a 20%–30% interest in Anglo American’s (AAL.L) new tab diamond company De Beers. The proposal is being considered with other African countries that produce diamonds.
Amid declining diamond prices and the global rise of synthetic diamonds, Anglo has listed De Beers, one of the top diamond corporations in the world, up for sale. De Beers operates in Botswana, Namibia, Angola, South Africa, and Canada.
“Taking the majority stake within 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 an African mining conference in Cape Town. “So to de-risk that, we have to have a portion that is sustainable for our economy.” Angola had originally sought a minority stake in De Beers, but in October 2025 it made a bid for a majority stake. We are pleased that the range (is) between 20% and 30%.
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A possible bidding war between Angola and Botswana, which owns 15% of De Beers and has stated that it is seeking to acquire a majority position in the firm, was sparked by Angola’s request for a majority stake in the company.
“There is a saying: together we are stronger,” Tanganha said, adding that private discussions were still ongoing between Botswana, Angola, Namibia, and South Africa to find a shared stance on how each nation would profit from owning a portion in De Beers. We are doing it that way. Additionally, I suffer if my neighbor does. Therefore, we must unite and fight as a team,” Tanganha stated.
According to Tanganha, the government of Angola would acquire the holding in De Beers through its national diamond trade business, Sodiam, and state-owned diamond miner, Endiama.
Tanganha stated that Angola has numerous finance sources but did not reveal how the country will pay for the purchase of the De Beers stake.
Following a decline in its 2025 rough diamond production, Anglo announced on Thursday that it was evaluating the De Beers diamonds company’s worth.
A new kimberlite cluster was found in the country last year by De Beers’ joint Angolan venture with Endiama, marking the first such find in thirty years and demonstrating the geological potential of the mostly unexplored region. Diamonds are frequently found in the unusual rock type known as kimberlite.
