Anglo American’s plan to sell De Beers has triggered a direct contest between Angola and Botswana, with Angola submitting a majority stake bid that challenges Botswana’s long-stated ambition to take full control as diamond prices slump.
A source confirmed Angola’s state-owned Endiama submitted the offer, validating earlier reports and escalating competition for Anglo’s 85% holding valued at $4.9 billion after $3.5 billion in impairments across two years.
Botswana currently owns 15% of De Beers and supplies roughly 70% of its annual rough diamond output, anchoring a domestic economy hurt by the downturn in global prices. The mining minister said in July the country intended to secure full ownership, a position reinforced in November meetings where Botswana framed De Beers as a strategic national asset critical to stabilizing industry revenues.
Angola’s bid represents a strategic pivot from its September stance when it sought only a minority stake and suggested a private-sector-led consortium. The move follows a joint exploration push with De Beers, where August drilling confirmed Angola’s first kimberlite discovery in about 30 years, strengthening Endiama’s argument for larger ownership tied to future production growth.
The competition comes as De Beers attracts at least six suitors, including investor groups led by former executives Gareth Penny and Bruce Cleaver, India’s KGK Group and Kapu Gems, Qatari funds, and billionaire Anil Agarwal. Market estimates from UBS place the sale range between $3 billion and $4 billion, reflecting persistent weakness in polished and rough diamond demand.
Diplomatic efforts intensified in November when Botswana’s Bogolo Joy Kenewendo and Angola’s Diamantino Pedro Azevedo held a closed-door 40-minute meeting in Gaborone. They later cited cooperation across diamonds, energy, and logistics but disclosed no specifics.
Angola’s bid arrives after overtaking Botswana as Africa’s top diamond producer by value for the first time in two decades, according to the Kimberley Process.
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