Wedoany.com Report-Oct. 28, Angola has submitted a proposal to acquire Anglo American’s 85% stake in diamond company De Beers, positioning itself as a contender alongside other interested parties such as Botswana. The offer was made through Endiama, Angola’s state-owned diamond producer, which has already begun taking follow-up actions, according to CEO José Manuel Ganga Júnior.

Endiama’s proposal reflects a shift in Angola’s strategy.

Details of the discussions remain confidential, and Anglo American has declined to comment on the matter. The divestment process, which began 17 months ago, is part of Anglo American’s broader strategy to streamline its portfolio. Reuters reported that the company values De Beers at approximately $4.9 billion, following $3.5 billion in impairments recorded over the past two years.

The proposed sale has attracted interest from multiple parties, including investor groups led by former De Beers executives and the government of Botswana, which currently holds a 15% stake in the company. Botswana has expressed interest in increasing its shareholding to strengthen its influence in the global diamond industry. President Duma Boko of Botswana emphasized the significance of the potential acquisition, stating that it is a “matter of economic sovereignty.”

Angola’s move marks a notable shift in its strategic approach to the diamond sector. Earlier, the country’s Ministry of Mineral Resources, Petroleum and Gas had expressed interest in acquiring a minority stake in De Beers as a means of forming a strategic partnership with Botswana. Endiama’s latest proposal, however, signals an intention to secure a controlling position.

José Manuel Ganga Júnior indicated that Angola remains open to cooperation with Botswana on the potential acquisition: “We are optimistic about reaching an understanding with Botswana,” he said, without confirming whether any formal discussions have taken place. He also noted that De Beers’ advanced mining technology and global marketing systems could significantly enhance Angola’s diamond industry, helping the country increase production efficiency and international competitiveness.

As an existing shareholder, Botswana retains the right of first refusal, allowing it to match any external offer for Anglo American’s De Beers stake. This provision could play a key role in determining the outcome of the transaction.

Botswana’s minerals and energy minister, Bogolo Kenewendo, has not yet commented on the latest developments. Analysts suggest that competition between Angola and Botswana for the stake could reshape the dynamics of the southern African diamond sector, potentially influencing regional production, trade, and market strategies.

The eventual decision by Anglo American will be closely watched by global diamond market participants, as it could impact supply partnerships and the strategic direction of one of the world’s most prominent diamond producers. Both Angola and Botswana are aiming to expand their roles in the industry, with a focus on maximizing domestic value creation and leveraging mineral resources for long-term economic development.