Namibia mulls joining regional race for De Beers stake

Conversations are underway within Namibia’s top government circles on whether the country should join neighbours Angola and Botswana in acquiring stakes in De Beers Group, following Anglo American Plc’s decision to sell its 85% shareholding in the diamond giant.Currently, Botswana is the only other shareholder, holding the remaining 15%.In September, Angola’s state-owned diamond company, ENDIAMA E.P., announced that it had submitted a fully financed bid for a strategic minority stake in De Beers ahead of Anglo American’s planned divestment.Namibia, meanwhile, maintains a 50-50 partnership with De Beers through Namdeb Holdings – under which Namdeb Mining and Debmarine Namibia operate – as well as the Namibia Diamond Trading Company (NDTC).While these arrangements make Namdeb one of the country’s largest revenue contributors, they do not grant Namibia any say in De Beers’ global decision-making or strategic direction.A confidential document seen by Namibian Sun warns that Namibia “cannot afford to remain a spectator” while its neighbours move decisively. It argues that De Beers’ ownership structure is entering its most dramatic transition in decades, and that Namibia risks being left without influence in a sector central to its economy.The memo proposes that government target between 5% and 15% of Anglo American’s 85% stake – a potential investment valued between US$125 million (N$2.1 billion) and US$600 million (N$10 billion), depending on market conditions. It describes the current period as “strategically opportune”, citing weak global demand and De Beers’ US$2 billion (N$35 billion) stockpile of unsold stones as reasons why the company’s valuation is relatively low.To mitigate fiscal pressure, the document recommends a dividend-based repayment model similar to that previously used by Epangelo Mining, which would allow Namibia to acquire the stake without derailing broader budgetary priorities.Mines and energy executive director Moses Pakote confirmed to Namibian Sun that discussions are indeed taking place at senior government levels about whether Namibia should bid for a share in De Beers.He said the ministry is fully aware of recent developments – including Angola’s interest – but that Namibia is adopting a cautious approach.“The government will still deliberate on what we have, what is unfolding, and what that means for Namibia. I think that is the best way to put it. Yes, the government is considering something in that regard,” he said, adding that authorities are closely monitoring the regional landscape before making a final decision.Regional race intensifiesAnglo American confirmed earlier this year that it would divest from De Beers as part of a sweeping restructuring drive aimed at refocusing on copper, iron ore and crop nutrients. The move has opened the door to a variety of potential buyers, ranging from private equity firms to state-owned entities.Botswana has already declared its intention to increase its 15% holding, while Angola has signalled interest in forming a regional consortium. Reports also suggest interest from Indian polishing companies and European investors.Botswana’s approach has been assertive, with President Duma Boko warning that his country will not accept any deal that sidelines its interests – even threatening nationalisation if necessary.Namibia, in contrast, has never held direct equity in De Beers, though it enjoys one of the most balanced operational partnerships within the group.Industry observers warn that a shake-up in De Beers’ ownership could have far-reaching implications for beneficiation and future sales agreements. Namibia’s existing sales and sorting agreement with De Beers expires in May 2026 – a deadline that adds urgency to government deliberations over whether to claim a seat at the global diamond table.

Namibia mulls joining regional race for De Beers stake

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Namibian Sun 2026-07-14

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Namibia mulls joining regional race for De Beers stake

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Namibian Sun 2026-07-14

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