Angola Rules Out Using National Budget to Fund Endiama’s Bid for De Beers Stake
Angola will not use public funds to finance state-owned diamond company Endiama’s proposed acquisition of a stake in De Beers, Finance Minister Vera Daves de Sousa confirmed on Friday.
Endiama has reportedly submitted a bid for a majority stake in De Beers, the diamond unit of Anglo American, according to a source familiar with the matter who spoke to Reuters on October 24.
Initially, Angola had expressed interest in acquiring only a minority stake in De Beers. The company has been put up for sale as Anglo American restructures its portfolio to focus primarily on copper and other clean-energy metals.
Speaking at a press briefing on the 2026 national budget, Minister de Sousa clarified that no government funds have been earmarked for the acquisition.
“Let us assume that the entity [Endiama] has the courage to take this decision, because the funding will not come out of the national budget. That is all I can say,” de Sousa stated.
Anglo American currently values De Beers at $4.9 billion, following $3.5 billion in impairments recorded over the past two years.
Angola’s ambitions to secure a significant stake in De Beers could create tensions with neighboring Botswana, which is also pursuing greater control of the diamond producer.
Botswana currently owns 15% of De Beers and contributes around 70% of its annual rough diamond output.
The government regards De Beers as a strategic national asset, even as declining diamond prices have recently weighed heavily on its economy.
