The Angolan government is seeking a 20% to 30% stake in Anglo American’s De Beers diamond unit, a proposal that is being discussed with other African diamond-producing countries, according to Paulo Tanganha, national director of the area at the country’s Ministry of Mineral Resources, quoted by Reuters.
De Beers, one of the world’s leading diamond companies, with operations in Botswana, Namibia, Angola, South Africa, and Canada, was put up for sale by Anglo at a time when diamond prices are falling and synthetic diamond production is increasing globally.
In October 2025, Angola submitted a proposal to acquire a majority stake in the firm, although it had initially sought a minority stake.
“Taking a majority stake in luxury goods is very dangerous because it depends on the market,” Tanganha said on the sidelines of an African mining conference in Cape Town.
“To reduce that risk, we have to stick with a share that is sustainable for our economy. And that range is between 20% and 30%; that’s what makes us comfortable,” he stressed.
Neighbors hold closed-door negotiations
Angola’s proposal to acquire a majority stake in De Beers has put the country on a collision course with Botswana, which owns 15% of the company and has said it is working to acquire a majority stake.
The leader said that negotiations are continuing behind closed doors between Botswana, Angola, Namibia, and South Africa, with a view to finding a common position on how each country can benefit from a stake in the entity, but no agreement has yet been reached.
“There is a saying: together we are stronger. That is what we are doing. And if my neighbor is suffering, I suffer too. So we have to stick together and fight together as a team,” Tanganha appealed.
According to the minister, in Angola’s case, the state-owned diamond company Endiama and its national diamond marketing company SODIAM would take over the stake in De Beers on behalf of the government.
Tanganha did not reveal how the acquisition of the stake in the diamond unit would be financed, but assured that the country has several sources of financing.
Anglo said on Thursday (5) that it was reviewing the value of De Beers’ diamond business after rough diamond production fell in 2025.
Last year, De Beers’ joint venture with Endiama in Angola discovered a new set of kimberlites in the country—the first discovery of its kind in three decades—confirming the geological potential of a country that is still largely unexplored.
Kimberlite is a rare type of rock where diamonds are usually found.
