Angola Pursues De Beers Stake with African Nations

Angola is actively pursuing a 20%-30% stake in Anglo American plc===De Beers, the diamond unit of Anglo American, engaging in discussions with other diamond-producing African nations including Botswana, Namibia, and South Africa. This move comes as Anglo American seeks to sell Anglo American plc===De Beers amidst declining diamond prices and the rise of synthetic diamonds. Angola, through its state-owned entities ENDIAMA and Sodiam, initially bid for a majority stake but has since adjusted its target to a minority holding to de-risk its investment. Botswana, which already owns 15% of Anglo American plc===De Beers, is also aiming for a majority stake, setting the stage for potential competition or a collaborative ownership approach among the African nations. Closed-door talks are ongoing to establish a common position on how each country would benefit from a stake in Anglo American plc===De Beers, with no agreement reached yet. This event highlights a strategic effort by African nations to gain greater control and benefit from their natural resources.