Angola has proposed to purchase Anglo American’s 85% stake in diamond company De Beers, vying with other potential buyers such as Botswana.
Endiama, a state-owned Angolan gem producer, has submitted a proposal to Anglo American, and is currently proceeding with subsequent actions, reported Bloomberg, citing Endiama’s CEO José Manuel Ganga Júnior.
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The details of the discussion are reportedly confidential and Anglo American has chosen not to comment.
Anglo American is currently in the process of divesting its majority stake in De Beers, an initiative that started 17 months ago.
Anglo American has valued De Beers at $4.9bn following $3.5bn in impairments over the last two years, said Reuters.
The sale has piqued the interest of various parties, including investor groups spearheaded by former De Beers executives and the country of Botswana, which aims to increase its current 15% stake.
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By GlobalDataPresident Duma Boko of Botswana has highlighted the significance of this acquisition, describing it as a “matter of economic sovereignty.”
Meanwhile, Endiama’s proposal reflects a shift in Angola’s strategy.
Previously, the country’s mines ministry showed interest in acquiring a strategic minority stake in De Beers to build a partnership with Botswana.
Júnior expressed optimism about reaching an understanding with Botswana, although he did not specify whether any discussions have occurred.
He highlighted the potential benefits of leveraging De Beers’ mining technology and marketing system, which could propel Angola’s diamond industry forward.
As a current shareholder, Botswana retains the right to match any external offers for the De Beers stake.
Botswana’s minerals and energy minister, Bogolo Kenewendo, has not yet provided a response to enquiries regarding this development.
