The race for the future of De Beers has intensified as Angola formally announced a “fully financed” bid for a minority stake in the diamond producer, at a time when Botswana is pressing for majority control. The development underscores the shifting dynamics of African ownership in the global diamond industry, as resource-rich nations seek greater agency over assets long shaped by external interests.
The move follows Anglo American’s decision to divest its 85 percent shareholding in De Beers, a partnership that has lasted nearly a century. The multinational is reorienting its portfolio towards copper and other base metals, commodities viewed as central to the global energy transition. Botswana currently holds the remaining 15 percent of De Beers’ equity.
Speaking in New York, Botswana’s President Duma Boko described diamonds as a “strategic national asset” and confirmed his administration’s intention to secure majority ownership. “We are more than ready for the transaction and we have said the transaction must be concluded by the end of October. It is a matter of economic sovereignty for Botswana,” he noted. Government officials have also confirmed ongoing discussions with financiers and partners, including the Oman Sovereign Wealth Fund, to support the bid.
A day later, Angola’s Minister of Mineral Resources, Petroleum and Gas, Diamantino Pedro Azevedo, confirmed that Luanda was pursuing a minority stake in De Beers. He emphasised that the bid was fully financed, signalling Angola’s ability to underwrite the transaction. The minister framed Angola’s position in terms of maintaining De Beers as a private-sector-led company with balanced international ownership. “Our bid is designed to foster a partnership in which Botswana, Namibia, South Africa and Angola all participate meaningfully, ensuring that no single party dominates,” he explained.
Angola’s diamond sector has been expanding rapidly in recent years, following significant reforms aimed at attracting investment and diversifying partnerships. Analysts suggest that Luanda’s move is both defensive—seeking to prevent Botswana from consolidating control—and strategic, offering it a foothold in a company that represents one of the most significant global players in diamonds.
Botswana, by contrast, has long been the cornerstone of De Beers’ supply, contributing over two-thirds of its production. However, maintaining this role requires extensive new investment to extend the life of existing mines. Meanwhile, Angola is viewed by industry observers as the most likely host of the next “megamine,” but its deposits remain largely untapped, requiring capital-intensive development.
Industry insiders note that Botswana holds pre-emptive rights within De Beers, but these are limited and may not suffice to deliver controlling interest. President Boko has nevertheless reiterated that his government is determined to secure more than 50 percent, viewing majority ownership as essential for long-term sovereignty.
Some analysts suggest the two sovereigns could ultimately find common ground, pooling resources alongside international partners such as the Oman fund. The entry of multiple African nations into the De Beers equation represents a departure from past models dominated by external companies and reflects a growing emphasis on continental agency in resource governance.
For Anglo American, which is currently preparing a shortlist of potential buyers, the choice will hinge not only on financial terms but also on the long-term stability and growth prospects of the company. Its Chief Executive, Duncan Wanblad, has confirmed ongoing discussions with Botswana while reiterating that a trade sale remains the preferred option if an appropriate buyer is identified.
The unfolding contest underscores broader debates about sovereignty, ownership, and the future of Africa’s extractive industries. Whether Botswana secures controlling interest or Angola establishes itself as a significant minority shareholder, the outcome will mark a pivotal moment in the reconfiguration of African participation in the global diamond economy.
