Angola seeks 20-30% stake in De Beers diamond unit

Angola is in negotiations to acquire a 20% to 30% interest in De Beers, the diamond unit of Anglo American, according to a Reuters report. The discussions are part of broader talks with other African diamond-producing nations. De Beers is a major diamond company operating in Botswana, South Africa, Namibia, Angola, and Canada. It is currently up for sale by Anglo American due to declining diamond prices and the increasing prevalence of synthetic diamonds.

In October 2025, Angola initially bid for a majority interest in De Beers but subsequently adjusted its goal to seek a minority holding. Angola’s National Director of Mineral Resources, Paulo Tanganha, stated at an African mining conference in Cape Town, “Taking the majority stake within luxury commodities is very dangerous because it depends on the market.” “So to de-risk that, we have to have a portion that is sustainable for our economy. And that range is between 20% and 30%, we are happy about that,” Tanganha added.

 For Angola, the stake acquisition would be managed by its state-owned entities Endiama and Sodiam on behalf of the government. Tanganha did not reveal specifics regarding the financial mechanisms Angola would employ to fund the acquisition, but mentioned the existence of numerous funding options for the country.