Speaking on the sidelines of an African mining conference in Cape Town, Angola’s national director of mineral resources, Paulo Tanganha, said the country had recalibrated its ambitions after initially submitting a bid for a majority stake in October 2025.
“Taking the majority stake within luxury commodities is very dangerous because it depends on the market,” Tanganha said.
He added that Angola was comfortable with a stake that balances influence with economic sustainability, placing that range between 20 percent and 30 percent.
Angola’s initial push for majority control had raised the prospect of a bidding war with Botswana, which already owns 15 percent of De Beers and has publicly expressed its intention to secure a controlling stake. Rather than escalating tensions, regional players are now engaged in discreet negotiations.
According to Tanganha, closed-door talks are ongoing between Angola, Botswana, Namibia, and South Africa to establish a shared position that ensures mutual benefit.
“Together we are stronger,” he said, underscoring the desire for a collective African approach to managing diamond wealth.
Angola confirms multiple financing options
If successful, Angola’s stake would be held through state-owned diamond miner Endiama and national diamond trading firm Sodiam. While funding details were not disclosed, officials said Angola has multiple financing options available.
The renewed interest in De Beers comes at a delicate moment for the company. Anglo American recently confirmed it is reviewing the value of its diamond business after De Beers reported a decline in rough diamond production in 2025.
Yet Angola’s long-term potential remains a powerful draw. Last year, De Beers and Endiama announced the discovery of a new kimberlite cluster in Angola, the first such find in three decades.
The discovery has reinforced expectations that the country, which remains largely underexplored geologically, could play a much larger role in the global diamond supply chain.
For African governments, the discussions signal a broader shift toward retaining value, influence, and strategic control over critical natural resources in a changing global market.
