The saga involving Africa’s largest diamond producers and their attempt to control the market from within the continent has seen new developments, but the deal still seems far from conclusion. Botswana’s president, Duma Boko, reiterated during the week his government’s plan to acquire a majority stake in De Beers, which is controlled by Anglo American. Anglo is seeking to sell its 85% stake in the well-known diamond company, one of the world’s leading players in the sector.
“The government will leverage [the negotiations] to secure a majority stake,” confirmed Duma Boko on Monday, the 10th, during his State of the Nation Address in Botswana’s capital, Gaborone. “Concrete measures are underway to acquire Anglo American’s shares in De Beers,” Boko reiterated.
“Although this administration is promoting diversification of the mining sector, diamonds will remain one of the main contributors to economic growth and the transformation of our country,” he stressed. In September, Botswana’s President told Bloomberg that he hoped to conclude a deal by the end of October and confirmed negotiations with several parties, including Oman’s Sovereign Wealth Fund, to finance the acquisition.
However, Duma Boko now faces competition from Endiama and Angola, contrary to earlier expectations. This prompted a meeting with Diamantino Azevedo, Angola’s Minister of Mineral Resources, Petroleum and Gas (MIREMPET), which took place in Gaborone last Friday, the 7th, and also involved José Ganga Júnior, CEO of Endiama.
After the meeting, the Angolan representatives stated that the two nations are “perfectly aligned” regarding De Beers and focused on “reviving the international market for natural stones”.
So far, neither Endiama nor MIREMPET has explained the source of financing needed to acquire 85% of De Beers, which is expected to cost around USD 4.25 billion. The company has posted losses of USD 3.5 billion over the past two years.
In September, Diamantino Azevedo had announced an intention to acquire a minority stake, aimed at establishing a significant partnership between Angola, Botswana, Namibia and South Africa, ensuring that “no party holds exclusive control and that the company can evolve as a truly international commercial entity”.
“The Angolan government clarifies that the proposal now submitted does not aim at majority control of De Beers. On the contrary, it advocates the creation of a pan-African consortium, led by the industry, that guarantees the independence and international competitiveness of the company,” he added.
Key elements of the Angolan proposal included an independent and diversified ownership model, the creation of a pan-African partnership, Angola’s track record as one of the world’s largest diamond producers in 2024, and being the only country to inaugurate a world-class mine in the past 15 years. This regional partnership strategy, based on minority stakes, has since been abandoned. Later, during the presentation of the 2026 State Budget (OGE) proposal, the Minister of Finance stated that the government would not directly finance Endiama’s proposal to acquire a majority stake in De Beers.
“I can assure you that there is nothing about this matter in the 2026 OGE,” said Vera Daves de Sousa. “Let’s assume that Endiama has the capacity to take such a decision, because I can guarantee that the financing will not come from the State Budget. That’s all I can say at this point,” the Finance Minister stressed on 31 October in Luanda.
Source: Expansão
