Angola has submitted a fully financed bid to acquire a minority stake in De Beers, seeking to preserve the diamond company’s independence, Bloomberg reported. The move follows Botswana’s pursuit of a majority stake as Anglo American Plc looks to divest its 85 percent holding.

State-owned Endiama’s proposal explicitly avoids majority control, the Angolan Ministry of Mineral Resources, Petroleum and Gas said, aiming to ensure “no single party dominates” and that Botswana, Namibia, South Africa, and Angola all participate.

The bid underscores Angola’s growing prominence in the sector. Last year, the country became Africa’s largest diamond producer by value, surpassing Botswana for the first time in two decades, according to the Kimberley Process. Endiama said it is ready to work with governments and private investors to maintain De Beers as an “independent, globally competitive commercial enterprise.”

De Beers competes with Russia’s Alrosa PJSC in global diamond production. Angola has also attracted foreign investment, with Omani state-backed Maaden International Investment LLC acquiring Alrosa’s stake in an Angolan venture 11 months ago.

Mineral Resources Minister Diamantino Pedro Azevedo emphasised the collaborative aim, noting the bid seeks a “partnership in which Botswana, Namibia, South Africa and Angola all participate meaningfully.”