The mining ministers of Angola and Botswana met Friday in Gabarone to reconcile their respective bids to acquire DeBeers. Her Excellency Bogolo Joy Kenewendo, Botswana’s Minister of Mines, and His Excellency Diamantino Pedro Azevedo, her Angolan counterpart advanced an economic transformation as momentous as the independence of Ghana in 1957.
Botswana is accelerating efforts to secure control of De Beers as parent company Anglo American (LON: AAL) moves forward with plans to divest its 85% stake in the diamond giant. De Beers was the foundation of the apartheid of South Africa and the mineral trade across Southern Africa, but in the past two years, has had to change its relationship with the diamond-producing nations.
Such a purchase would put the African Diaspora in an ownership position of a major global industry for the first time in 500 years.
President Duma Boko said his government intends to finalize a deal, despite ongoing negotiations between Anglo and other potential buyers. He confirmed Botswana is in talks with partners, including Oman’s sovereign wealth fund, to help finance the deal.
The Republic of Angola, through its national diamond company, ENDIAMA E.P., presented a fully funded offer with a view to the acquisition of a strategic minority stake in De Beers. This initiative is part of the global alienation process promoted by Anglo American plc, whose completion is expected by the end of this year.
The Angolan Government clarifies that the proposal now submitted does not aim at majority control of De Beers. On the contrary, the establishment of a pan-African consortium, led by industry, is advocated, to guarantee the independence and international competitiveness of that company.
“Angola believes that the future of De Beers depends on its continuity as a global company led by the private sector. Our proposal aims to establish a significant partnership between Angola, Botswana, Namibia and South Africa, ensuring that no party has exclusive domain and that the company can evolve as a truly international commercial entity,” said the Minister of Mineral Resources, Oil and Gas, Diamantino Pedro Azevedo.
Key elements of the Angolan proposal:
• Independent and diversified property model, ensuring the sustainable and long-term growth of De Beers.
• Pan-African partnership, with a formal invitation to Botswana, Namibia and South Africa to integrate the project a prominent position.
• Proven history of growth, Angola being one of the world’s largest diamond producers in 2024 and the only country to inaugurate a new world-class mine in the last fifteen years.
• Strategic commitment to the diamond sector as a pillar of the national economy, having several potential kimberlite resources to be developed.
ENDIAMA E.P. reaffirms its willingness to collaborate with governments and private investors, in order to ensure that De Beers remains a commercially independent and competitive company on a global scale.
About ENDIAMA E.P.
ENDIAMA Empresa Nacional de Diamantes de Angola, E.P., is the Angolan state entity in charge of the prospecting, exploitation and marketing of the country’s diamond resources. The company plays a central role in the sustainable development strategy of the Angolan mining sector, focusing on the diversification, industrialization and valorization of mineral resources.
