ANGOLA has revised its approach to acquiring part of Anglo American’s De Beers diamond business, now seeking a 20-30% stake rather than the majority holding it initially pursued, said Reuters citing Paulo Tanganha, the country’s national director of mineral resources.
The shift reflects concerns about market volatility in luxury commodities, particularly as diamond prices decline and synthetic alternatives gain ground. “Taking the majority stake within luxury commodities is very dangerous because it depends on the market,” Tanganha told Reuters at the Mining Indaba conference in Cape Town.
The modified bid comes as Angola coordinates with fellow diamond producers Botswana, Namibia and South Africa through closed-door discussions, though no unified position has emerged. Botswana, which holds 15% of De Beers, has separately indicated interest in acquiring majority control, potentially setting up rival bids.
De Beers, operating across five countries including Canada, was placed on the market by Anglo American following weakened demand. The company reported reduced rough diamond output in 2025, prompting Anglo to reassess the unit’s valuation.
Should Angola succeed, state entities Endiama and Sodiam would assume the stake on the government’s behalf. Tanganha declined to detail financing arrangements but noted multiple funding options existed.
Angola’s diamond sector received encouragement last year when a De Beers-Endiama partnership discovered a kimberlite cluster, the first such find in three decades.
