De Beers Confirms Bids from Botswana, Angola and Namibia
January 11, 26
(IDEX Online) - De Beers has confirmed that Botswana, Angola and Namibia have expressed interest in acquiring equity in the company, along with a number of unnamed business groups.
But CEO Al Cook, in an interview with the Reuters news agency last week, declined to give further details or provide an update on negotiations.
Plans by Anglo American to divest its 85 per cent stake in the loss-making diamond miner were first announced in May 2024 as part of a broader restructuring to fend off a (failed) takeover bid by Australian mining giant BHP.
Anglo CEO Duncan Wanblad publicly stated last February that plans to divest De Beers "would be substantively complete" by the end of 2025, but that deadline has passed with no announcement of a deal.
Botswana, which currently owns 15 per cent, is aggressively pursuing a majority stake in De Beers to secure controlling influence over the diamond industry, which generates about a third of its government revenue.
Angola seeks a significant minority stake through its state diamond firm Endiama, emphasizing collaborative ownership with other African nations rather than outright dominance.
And Namibia has voiced general interest in an equity stake alongside Botswana and Angola, aligning with the broader African push for producer-country partnerships highlighted by Cook.
Pic shows Al Cook.