Angola says national budget will not fund Endiama's De Beers bid
Angola will not fund state-owned miner Endiama's proposed acquisition of a stake in De Beers through the national budget, Finance Minister Vera Daves de Sousa said on Friday.
Endiama has bid for a majority stake in Anglo American unit De Beers, a source familiar with the matter told Reuters on October 24.
The southwest African country had initially indicated interest in a minority stake in De Beers, which has been put up for sale as Anglo restructures its asset to focus mainly on clean energy metal copper.
Asked how Angola plans to fund the proposed acquisition during a press briefing on the 2026 national budget, de Sousa said there was no provision for the share purchase in the spending plan for next year.
"So, 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," she said.
Anglo values De Beers at $4.9-billion after recording $3.5-billion in impairments over the past two years.
Angola's ambitions for De Beers could potentially trigger a standoff with neighbouring Botswana, which is also seeking control of the diamond producer.
Botswana - which currently owns 15% of De Beers and contributes 70% of its annual rough diamond production - considers the company a strategic national asset, despite a recent slump in prices that has badly hurt its economy.
Article Enquiry
Email Article
Save Article
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
We supply customers with practical affordable solutions for their testing needs. Our products include benchtop, portable, in-line process control...
VISIT SHOWROOM
Weir is a global leader in mining technology. We recognise that our planet’s future depends on the transition to renewable energy, and that...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
