Angola in talks to acquire 20% to 30% of De Beers 

Angola is seeking to buy a 20% to 30% stake in De Beers, the diamond unit of Anglo American, as talks continue among major African diamond producers over the future ownership of the company, a senior Angolan mining official said. 

The interest comes as Anglo American moves to sell De Beers amid weak global diamond prices and growing competition from lab-grown stones. De Beers operates across several countries, including Botswana, Namibia, Angola, South Africa and Canada. 

Paulo Tanganha, Angola’s national director of mineral resources, said the government had adjusted its approach after earlier submitting a bid for a majority stake in October 2025. 

“Taking a majority stake in luxury commodities carries significant risk because the market can turn quickly,” Tanganha said on the sidelines of an African mining conference in Cape Town. “We want a share that our economy can manage comfortably. For us, that is between 20% and 30%.”

Angola weighs De Beers investment options

Angola’s initial push for control of De Beers raised the prospect of competition with Botswana, which already owns 15% of the company and has said it is working toward a majority holding. 

Tanganha said officials from Angola, Botswana, Namibia and South Africa are now holding private discussions aimed at finding common ground on ownership and benefits, though no agreement has been reached. 

“There is a simple truth: when one country struggles, the rest feel it too,” he said. “We believe the best outcome comes from acting together and protecting shared interests.” 

If a deal is reached, Angola plans to hold its stake through state-owned miner Endiama and national diamond trader Sodiam, acting on behalf of the government. Tanganha declined to give details on how the purchase would be financed, saying only that Angola has several funding options.

Angola’s diamonds spotlight De Beers legacy

Founded in 1888, De Beers is one of the world’s best-known diamond companies and accounts for about one-third of global rough diamond production by value. Anglo American owns 85% of the group, with the remaining 15% held by the government of Botswana.

Anglo American said last week it is reviewing the value of De Beers after the group reported a drop in rough diamond production in 2025. 

Despite current market pressures, Angola remains optimistic about its diamond sector. Last year, De Beers and Endiama announced the discovery of a new kimberlite cluster in Angola, the first such find in the country in 30 years, highlighting the scale of untapped resources.