Angola has made a bold move to acquire Anglo American’s entire 85% stake in diamond giant De Beers, positioning itself against rival bidders, including Botswana. State-owned Endiama EP confirmed it has submitted a “concrete and well-defined” proposal, signaling Angola’s growing ambitions in the global diamond trade. The bid marks a shift from its earlier goal of seeking only a minority stake. Angola, which became Africa’s top diamond producer by value in 2024, aims to leverage De Beers’ advanced mining technology and marketing network to boost its diamond sector. Meanwhile, Botswana—already holding a 15% share—has vowed to pursue a controlling interest, framing the move as a matter of economic sovereignty. As both nations vie for influence, the outcome could reshape the continent’s diamond industry.
Bloomberg
