Namibia Cautious about De Beers' Bid
October 08, 25
(IDEX Online) - The government of Namibia is cautiously considering joining a pan-African consortium that could put in a bid to acquire and operate De Beers.
The world's eighth biggest diamond-producing nation has a 50/50 partnership called Namdeb Holdings with De Beers, which produced about 2.2 million carats of rough diamonds in 2024.
But Natangwe Ithete (pictured), deputy prime minister and minister of industries, mines and energy, has concerns about joining other African countries - Botswana, South Africa and Angola in trying to buy a stake.
"It is not a secret that the industry is under pressure and affected by the so-called lab diamonds, the synthetic diamonds," he told the weekly publication Namibia Mining & Energy.
"So this is something we need to study very carefully, to determine whether it is worth pursuing or not."
Neighboring Botswana, which already holds a 15 per cent stake in the Anglo American-owned company, is seeking a majority stake.
Angola has submitted a "fully financed" offer to acquire a minority stake, and is urging Botswana, Namibia, and South Africa to join it.
Anglo wants to divest loss-making De Beers by the end of the year, as it seeks to focus on copper and other more profitable assets.
It has agreed to a merger of equals with Canadian miner Teck Resources to form Anglo Teck, a company that will be one of the world's top five copper producers.