The next diamond power player? Angola bids for stake in De Beers
Angola's Ministry of Mineral Resources, Petroleum and Gas indicated that the state diamond company Endiama has bid for a minority stake in Anglo American's diamond unit De Beers. De Beers is one of the world's leading diamond companies, with operations spanning across Botswana, Namibia, Angola, South Africa and Canada.
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The diamond company, which has been put up for sale by Anglo amid falling diamond prices, had attracted interest from at least six consortia, according to a Reuters report in June.
Angola's proposal does not seek majority control in the Botswana-based De Beers but instead believes it should continue to be a private-sector-led firm, the ministry said.
"Our bid is designed to foster a partnership in which Botswana, Namibia, South Africa and Angola all participate meaningfully — ensuring that no single party dominates and that the company can grow as a truly international commercial entity," said Diamantino Pedro Azevedo, Angola's Minister of Mineral Resources, Petroleum and Gas.
Botswana, which already owns 15% in De Beers, is also seeking to take a controlling stake in the company, according to media reports.