Source: ZimLive
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Angola’s diamond miner Endiama seeks minority stake in De Beers.
De Beers has been put up for sale by Anglo amid falling diamond prices.
De Beers has been put up for sale due to declining diamond prices.
LUANDA, Angola – Angola’s state diamond company Endiama has bid for a minority stake in Anglo American’s diamond unit De Beers, the country’s Ministry of Mineral Resources, Petroleum and Gas said on Wednesday.
De Beers is one of the world’s leading diamond companies, with operations spanning across Botswana, Namibia, Angola, South Africa and Canada.
The diamond company, which has been put up for sale by Anglo amid falling diamond prices, had attracted interest from at least six consortia, according to a Reuters report in June.
Angola’s proposal does not seek majority control in the Botswana-based De Beers but instead believes it should continue to be a private-sector-led firm, the ministry said.
“Our bid is designed to foster a partnership in which Botswana, Namibia, South Africa and Angola all participate meaningfully – ensuring that no single party dominates and that the company can grow as a truly international commercial entity,” said Diamantino Pedro Azevedo, Angola’s Minister of Mineral Resources, Petroleum and Gas.
Botswana, which already owns 15 percent in De Beers, is also seeking to take a controlling stake in the company, according to media reports. – Reuters.
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