Angola raises its hand: not a slice of De Beers, all of it
State miner Endiama has proposed buying Anglo American's entire 85 percent of De Beers, valued at $4.9 billion after $3.5 billion in write-downs. Botswana, holding 15 percent with the right to match, calls the prize a matter of sovereignty.
By The Policy Desk
What changed
Angola has stopped asking for a seat at the table and started bidding for the table itself.
What it means
- Every previous owner of De Beers sat in London or Johannesburg and bought diamonds from the countries that mined them. Whoever wins this auction inverts that geometry, and the producing nations know it, which is why the contest is being fought in the language of sovereignty rather than synergies.
- A De Beers owned by the people who dig its stones would be the most consequential restructuring in diamonds since the cartel era ended. Watch whether Luanda and Gaborone merge their bids; together they would be unstoppable, and separately they may only raise each other's price.
Key figures
| BidderEndiama — Angola's state diamond company | |
|---|---|
| TargetAnglo American's 85% of De Beers | |
| Carrying value$4.9B after $3.5B in write-downs | |
| The incumbentBotswana — 15%, with the right to match |
Source: The bid · as tabled
The bid moved from a slice to the whole
José Manuel Ganga Júnior, chief executive of state diamond company Endiama, confirmed this week that the company has submitted a proposal to acquire Anglo American's full 85 percent stake in De Beers, the diamond house Anglo has been trying to exit for 17 months.
Mineral resources minister Diamantino Azevedo, speaking to Bloomberg on July 15, framed the ambition plainly: Angola wants a stake large enough to shape the strategy of the industry's most important company.
Who holds De Beers · percent
Source: The bid · as tabled
Two years of write-downs put control in reach
The price of that ambition has been falling for two years. Anglo American now carries De Beers at $4.9 billion, after roughly $3.5 billion of impairments, including a fresh $2.3 billion write-down booked ahead of the planned sale.
For a business that effectively invented the modern diamond market, and that Anglo once treated as a crown jewel, the marked-down valuation is both an embarrassment and an opening. It puts control of De Beers within reach of a producing nation for the first time in the company's 138-year history.
| Figure | |
|---|---|
| Anglo American — For Sale | 85% |
| Botswana | 15% |
Endiama has bid for the entire 85% block The whole table is in play for the first time in 138 years. Carat Capital graphics desk.
Botswana holds the veto card
Standing between Angola and the prize is Botswana, which already owns the other 15 percent of De Beers and has said it aims to increase that holding.
As an existing shareholder, Gaborone holds the right to match any external offer, and President Duma Boko has called the acquisition "a matter of economic sovereignty." Botswana's diamonds account for the overwhelming share of De Beers' production; Angola's Endiama, by contrast, arrives with Luanda's ambitions and the cash flows of its own growing mining sector, including the giant Luele project.
The bid also marks a strategic shift. Earlier this year Angola was exploring a minority position, potentially in partnership with Botswana; the new proposal goes for the whole stake, though Ganga Júnior said he remains optimistic the two producers can reach an understanding.
They are not alone in the data room: investor groups led by former De Beers executives have also tabled proposals. Anglo declined to comment, and the details remain confidential while the process runs.
The story so far
Go deeper
Method
Endiama has bid for the entire 85% block
Sources
- Bloomberg — Angola Wants De Beers Stake to Shape Strategy, Minister Says
- Mining Technology — Angola seeks to purchase Anglo American's 85% stake in De Beers
- MINING.COM — Angola wants De Beers stake to shape strategy, minister says
- Ecofin Agency — Anglo American Takes Fresh $2.3 Billion Hit on De Beers Ahead of 2026 Sale