Angola and Botswana Unite To Buy Diamond Mining Company De Beers
Angola’s state-owned diamond company, Endiama, has announced plans to increase production to 17 million carats by 2027, following a record output in 2024.
This achievement has cemented Angola’s position as the world’s third-largest producer of rough diamonds by volume, behind only Russia and Botswana.
In addition to boosting production, the Angolan government is reportedly considering acquiring a 20% to 30% strategic share in De Beers, one of the world’s leading diamond companies.
Botswana is also positioning itself around De Beers. The government of Botswana is buying out 15% of De Beers.
De Beers was founded by a British man named Cecil Rhodes over 135 years ago, and started its diamond mining operations in South Africa.
They have mined hundreds of millions of carats of diamonds across Africa, primarily in South Africa, Botswana, and Namibia, generating tens of billions in revenue.
With Botswana and Angola both coming together to buy over 30% stake of De Beers, the days of imperial exploitation are numbered.
-TheAfricanDream