LAGOS, Feb 9 – Angola is aiming to acquire a 20% to 30% stake in De Beers as discussions continue among African diamond-producing nations following Anglo American’s decision to put the business up for sale, a senior mining official said.
Paulo Tanganha, Angola’s national director of mineral resources, said the government sees a minority position as the most prudent option given the cyclical nature of luxury commodities and growing competition from synthetic diamonds.
Speaking on the sidelines of an African mining conference in Cape Town, he said Angola is seeking an ownership level that balances strategic influence with economic sustainability.
De Beers operates major diamond assets across Botswana, Namibia, Angola, South Africa and Canada, and has come under pressure from weaker global demand and structural shifts in the diamond market. Anglo American, which controls the company, is reviewing the value of the unit as part of a broader portfolio reshaping.
Angola had previously submitted a bid for a majority stake in October 2025, a move that raised the prospect of a bidding contest with Botswana, which already owns 15% of De Beers and has publicly stated its intention to increase its holding.
Tanganha said Angola has since refined its position, preferring a meaningful minority stake to reduce exposure to market volatility.
Closed-door discussions are ongoing between Angola, Botswana, Namibia and South Africa as the diamond-producing nations explore a coordinated approach to ownership that could allow each country to benefit from participation in De Beers. No agreement has yet been reached, Tanganha said.
For Angola, any stake would be held through state-owned diamond miner Endiama and national trading company Sodiam. Tanganha declined to specify how the acquisition would be financed, saying only that Angola has multiple funding options available.
The renewed interest in De Beers comes as Angola’s diamond sector gains momentum. Last year, the company’s joint venture with Endiama announced the discovery of a new kimberlite cluster, the country’s first such find in three decades, highlighting the geological potential of Angola’s largely under-explored diamond regions.
