Now Angola joins the race for a controlling stake in De Beers 

De Beers, in a joint venture with its partner in Angola, state-owned Endiama, has discovered a new kimberlite field, its first such discovery in three decades. It plans to conduct more drilling, geophysical surveys and lab analysis over the coming months to determine the kimberlite type and its diamond potential.

The move comes the same week that Botswana, already a 15% shareholder, said it wanted a controlling stake in De Beers. Angola is pushing instead for a shared structure, with Botswana, Namibia, South Africa and Angola holding meaningful positions.

Angola is Africa’s leading diamond producer by value, with output last year surpassing Botswana’s production for the first time in two decades, according to the latest report by the Kimberley Process, an international certification program. De Beers and Angola have been partners since 2022, when they signed exploration agreements that were later expanded to cover processing. Their collaboration yielded the first significant kimberlite discovery in the country in more than 30 years.