Exclusive: Angola Seeks 20%-30% Stake in De Beers, Senior Official Says

Angola is seeking a 20-30% stake in De Beers, the world's largest diamond mining company, according to a senior official. This move is part of Angola's efforts to diversify its economy and reduce its reliance on oil exports.

The country's government has been in talks with De Beers for several months, and a deal is expected to be finalized soon. Angola's President, João Lourenço, has been pushing for the country to become a major player in the diamond industry.

De Beers, which is owned by the Anglo American mining conglomerate, has been the dominant player in the diamond market for decades. However, the company has faced increasing competition from other diamond miners in recent years.

Angola's move to acquire a stake in De Beers is seen as a strategic one, as it would give the country a foothold in the diamond industry and provide a new source of revenue. The deal is also expected to create jobs and stimulate economic growth in Angola.

The exact terms of the deal are not yet known, but it is expected to be announced in the coming weeks. The move is seen as a significant development in the diamond industry and is likely to have a major impact on the market.

Sources

[1] Exclusive-Angola seeks 20%-30% stake in De Beers, senior official says