José Manuel Ganga Júnior, CEO of the Angolan state diamond company Endiama, announced on Friday (24) that the company has submitted a “concrete and well-defined” proposal to acquire Anglo American’s 85% stake in De Beers, competing with Botswana and other parties.
In an interview with Bloomberg, cited by Lusa, Ganga Júnior stated that “subsequent actions” would follow the proposal, without specifying them, citing the confidentiality of the purchase process.
The bid reflects Angola’s growing ambitions in the diamond sector. The Ministry of Mines had previously announced in September plans to acquire a minority “strategic” stake in De Beers to foster a partnership with Botswana. Anglo, listed on the London Stock Exchange, is divesting its 85% stake as part of a restructuring that began 17 months ago, attracting competing bids from investor groups led by former De Beers executives Gareth Penny and Bruce Cleaver.
Endiama hopes Angola can “reach an understanding” with Botswana, Ganga Júnior said, declining to confirm if discussions had already occurred. While Angola is bidding for the full Anglo stake, the outcome remains uncertain. Ganga Júnior emphasized that De Beers is “so large that there is room for multiple partners,” but Botswana, as a current shareholder, has the right to match any external offers.
Endiama plans to leverage De Beers’ proprietary mining technology and marketing system.
“These are factors that, if we become part of De Beers, will allow us to make significant progress,” Ganga Júnior said.
Botswana, where most of De Beers’ gems are mined, also aims to increase its 15% stake to a majority, with President Duma Boko framing the move as “a matter of economic sovereignty.”
Angola is Africa’s largest diamond producer by value, surpassing Botswana last year for the first time in two decades, according to the Kimberley Process report. Oxford Economics projected in September that Angola would maintain its lead in African diamond production this year, ahead of Botswana.
“Angola’s diamond production is expected to reach 16.1 million carats this year, above Botswana’s projected 15.1 million carats,” the report noted, with the gap potentially widening if some Botswana mines remain closed for extended periods.
Analysts cautioned that higher production does not necessarily translate into greater gains, as Angola’s diamond sales already exceeded Botswana’s last year ($1.41 billion vs. $1.36 billion), and structural changes in the sector, including lab-grown diamonds, mean “the moment for Angola to become a diamond powerhouse could not be more challenging.”
Source: Diário Económico
