Home / Business and Economy / Angola Eyes 20-30% Stake in De Beers Diamond Unit
Angola Eyes 20-30% Stake in De Beers Diamond Unit
9 Feb
Summary
- Angola seeks 20%-30% ownership in De Beers diamond business.
- African nations negotiate a unified position for De Beers stake.
- Anglo American is selling De Beers amid market challenges.
Angola has put forward a proposal to acquire a 20% to 30% stake in De Beers, the prominent diamond company being sold by Anglo American. This initiative is being discussed collaboratively with other diamond-producing nations across Africa. The goal is to secure a sustainable share that benefits Angola's economy without the full risk of majority ownership.
Currently, negotiations are underway between Angola, Botswana, Namibia, and South Africa. These closed-door talks aim to establish a common position and ensure equitable benefits for each country involved in a potential De Beers stake. Angola's state-owned entities, Endiama and Sodiam, would manage the acquisition on behalf of the government.
Anglo American initiated the sale of De Beers, one of the world's leading diamond producers, citing market pressures such as falling diamond prices and the increasing prevalence of synthetic diamonds. De Beers operates in several African countries, including Botswana, Namibia, and Angola, and recently discovered a significant kimberlite cluster in Angola.
