Cabinet agrees to De Beers equity acquisition

Cabinet has, in principle, approved Namibia’s participation alongside neighbouring Angola and Botswana in acquiring shares in the De Beers Group, a deal which could require Namibia alone to fork out N$14.8 billion.Anglo American, a British multinational mining company, has put De Beers, one of the world&#039;s leading diamond producers, up for sale. The company has valued its 85% stake in De Beers at about US$4.9 billion (roughly N$84 billion) as it shifts focus to other areas of its business portfolio. Botswana holds the remaining 15%.Namibia is reportedly considering acquiring between 10% and 15% of De Beers, which would cost around N$9.8 billion to N$14.8 billion, respectively.De Beers is the parent company of local diamond producers Namdeb and DebMarine Namibia, of which the Namibian government owns 50%.Botswana, which contributes about 70% of its annual rough diamond output to De Beers, regards the company as a strategic national asset, even amid a slump in global diamond prices that has affected its economy, Reuters reports.Angola, meanwhile, initially expressed interest in acquiring a minority stake but has since upped its ambitions, submitting a bid for a majority share in the company, potentially setting up a bidding contest with its regional peers.Banking on Luanda AccordSenior government officials told Namibian Sun that Cabinet’s decision is aligned with the Luanda Accord, an agreement signed by key diamond-producing nations and industry players to jointly promote natural diamonds in the face of synthetic competition.“We are interested, but there remain concerns about our financial capacity to afford a stake,” an official said. “We are talking to Angola and Botswana to join forces. All three countries recognise that none of them alone can secure a significant share.”He added: “The idea is for the three countries to jointly own a majority in De Beers. Through the Luanda Accord, we aim to strengthen the market for natural diamonds and ensure we remain key decision-makers in the global diamond trade.”The official added that Namibia’s goal is to “be around the [De Beers] table” and participate in strategic decision-making.“We have superior, high-quality diamonds. We cannot afford to be left out.”Once-in-a-generation opportunityFormer diamond commissioner and ex-Namdia CEO Kennedy Hamutenya, a long-time advocate for Namibia’s equity participation in De Beers, said the deal could give Namibia access to crucial assets, expertise and technologies.“De Beers owns four diamond mines in Botswana and has discovered significant kimberlites in Angola. They also hold 25% of the Venetia Mine in South Africa, as well as operations in Canada and Sierra Leone,” he said on The Agenda on NTV on Sunday.“When Namibia acquires 10% or 15%, it’s not just a share in Namdeb, it’s a share in De Beers’ global profits, from Botswana to Angola.”Hamutenya added that buying into De Beers would open doors to advanced exploration and scientific knowledge.“Some of the tools used on our mining vessels are De Beers technologies. Yet, we don’t currently share in that intellectual property,” he said. “They own around 27 jewellery shops worldwide, including the Forevermark brand and another focused on storytelling through diamond craftsmanship, partnering with about 2 700 jewellers globally.”He further highlighted De Beers’ Element Six subsidiary, which has developed advanced synthetic diamond technology.Beyond jewelleryDon&#039;t napWhile the diamond market has weakened due to declining demand and the rise of synthetics, Hamutenya warned against short-term pessimism.“Natural diamonds are used far beyond jewellery,” he explained. “Diamond powder polishes aircraft wheels for Boeing and General Motors and is essential in optical instruments and surgical tools. In oil drilling, diamond coatings improve precision and durability.“Buying into De Beers means more than securing a seat at the table – it&#039;s access to cutting-edge exploration and mining technologies applicable even to other minerals," he noted. "Namibia cannot afford to be cut off from this ecosystem.”He cautioned that Namibia risks embarrassment if its neighbours move faster.“It would be very embarrassing if, tomorrow, Botswana and Angola sat in the Namdeb boardroom for their 50% share of our diamonds while we were still napping.”

Cabinet agrees to De Beers equity acquisition

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Namibian Sun 2026-09-29

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Cabinet agrees to De Beers equity acquisition

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Namibian Sun 2026-09-29

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