Angola has escalated its bid for control of De Beers Group, submitting a proposal to acquire the entire 85% stake held by Anglo American Plc, according to sources cited by Reuters and Bloomberg.

Just a month ago, Angola’s minister of mineral resources, Diamantino Pedro Azevedo, had announced that the country planned only a minority stake in De Beers — as part of a proposed pan-African alliance together with Botswana, Namibia and South Africa.

However, the latest developments indicate a marked strategic shift. Angola’s state-owned diamond firm Endiama E.P. has reportedly advanced a “concrete and well-defined proposal” for majority control of De Beers, citing its interest not only in the company’s assets but also in acquiring access to its proprietary mining and marketing technologies.

The move puts Angola directly at odds with Botswana, which already holds a 15% stake in De Beers and has declared its intention to secure full control over the company, describing it as a strategic national asset.

Meanwhile, Anglo American is pushing ahead with its plan to divest the diamond business by year-end in order to refocus on copper, iron ore and other more profitable operations.

Adding to the context: in 2024 Angola overtook Botswana as Africa’s top diamond producer by value, marking a significant shift in regional diamond production dynamics.