Luanda, Oct. 24, 2025 (Lusa) - The chief executive of Angola's state-owned diamond company, Endiama, said on Friday that he had submitted a "concrete and well-defined proposal" to buy Anglo American's 85% stake in De Beers, facing competition from Botswana, among others.
In an interview with financial news agency Bloomberg, José Manuel Ganga Júnior said that the proposal would be followed by "subsequent actions" which he did not specify, citing the confidentiality of the process to purchase Anglo American's 85% stake in diamond company De Beers, one of the largest and best known in the world.
Endiama's offer reveals Angola's deepening ambitions in the diamond sector, writes Bloomberg, recalling that the Ministry of Mines had announced in September that it intended to acquire a "strategic" minority stake in De Beers, with the aim of promoting a partnership with Botswana.
Anglo, listed on the London stock market, intends to divest its 85% stake in the iconic diamond mining company as part of a restructuring process that began 17 months ago, with investor groups led by former De Beers executives Gareth Penny and Bruce Cleaver entering the fray when the formal sale process began in June.
Endiama hopes that Angola will "reach an understanding" with Botswana, said Ganga Júnior, refusing to say whether discussions have already taken place, adds Bloomberg, noting that although Angola is bidding for Anglo's entire stake in De Beers, the final outcome is uncertain.
De Beers is "such a large company that we believe there is room for several partners," said the Endiama leader, but Botswana, as the current shareholder of De Beers, has the right to match any offers from outside parties.
The Angolan company is looking to exploit De Beers' proprietary mining technology, along with its marketing system, said Ganga Júnior.
"These are factors that, if we are part of De Beers, will automatically allow us to take bigger steps forward," he argued.
Botswana — where De Beers mines most of its gems — also wants to increase its 15% stake to a majority shareholding, with President Duma Boko considering this effort to deepen involvement in the company "a matter of economic sovereignty."
Angola is Africa's largest diamond producer in terms of value, with last year's production exceeding Botswana's for the first time in two decades, according to the latest report from the Kimberley Process, an international certification programme.
In an analysis released in September, consultancy Oxford Economics predicted that Angola would maintain its African leadership in diamond production this year, ahead of Botswana.
"Angola's diamond production is expected to reach 16.1 million carats this year, a figure higher than Botswana's forecast of 15.1 million carats," a difference that could be even greater if several diamond mines remain closed for an extended period in Botswana.
In the note, however, analysts warned that the increase in production does not mean a significant gain, firstly because last year the value of diamond sales in Angola already exceeded that of Botswana (US$1.41 billion, about €1.2 billion in Angola, compared to US$1.36 billion, or €1.16 billion, in Botswana), and secondly because structural changes in the sector, with the increase in lab-grown diamonds, mean that "the timing for Angola to become a diamond powerhouse could not be worse".
MBA/AYLS // AYLS
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