Category: Diamond

Angola’s Endiama Bids for Minority Stake in De Beers, Proposing Shared African Ownership Model Angola’s state-owned diamond company, Endiama, has formally submitted a bid for a minority stake in De Beers, intensifying competition for control over the world’s largest diamond producer as parent company Anglo American prepares to sell. The Ministry of Mineral Resources confirmed that Endiama lodged a “fully financed offer.” Minister Diamantino Pedro Azevedo said the proposal aims to establish a pan-African ownership model that prevents dominance by any single country while safeguarding De Beers’ independence and competitiveness.… Read More Here

Lucapa Diamond (ASX: LOM) Wins $10M Bailout from Dubai’s Jemora to Exit Administration Lucapa Diamond Company (ASX: LOM), operator of Angola’s Lulo alluvial mine and Australia’s Merlin project, has struck a rescue deal with Dubai-based Jemora Group that could bring the struggling miner out of administration. Administrators KordaMentha confirmed they have signed a deed of company arrangement with Jemora’s subsidiary, Gaston International, which has agreed to inject around A$15 million (US$10 million) into Lucapa. Under the proposal: Creditors would be paid in full. Shareholders could receive a partial payout of… Read More Here

Botswana Seeks Majority Control of De Beers Amid Anglo American’s Exit Strategy The Government of Botswana has signaled its intention to acquire a controlling stake in diamond giant De Beers, according to Mining.com, citing a report from the Financial Times. This move adds a new layer of complexity to Anglo American’s ongoing efforts to divest its ownership of the iconic diamond producer. Currently, Botswana holds a 15% stake in De Beers and owns 50% of Debswana, a joint venture with the company that handles a significant portion of De Beers’… Read More Here