Botswana is pushing to secure a majority stake in De Beers by October, President Duma Boko confirmed. The country, reeling from a prolonged diamond slump, is negotiating financing with Oman’s sovereign wealth fund and other partners to raise its shareholding beyond the current 15%. ANGOLA has submitted a bid for a minority stake in De Beers, proposing to establish a pan-African consortium of diamond-producing nations to jointly operate the world-renowned company currently being sold by Anglo American.

President Duma Boko said his government intends to finalize a deal by the end of October, despite ongoing negotiations between Anglo and other potential buyers. He confirmed Botswana is in talks with partners, including Oman’s sovereign wealth fund, to help finance the deal.

Securing a controlling stake would raise Botswana’s interest in De Beers above 50%. The company sources about 70% of its rough diamonds.The Financial Times reported that Endiama, Angola’s state-owned diamond producer, had made a “fully financed offer”, seeking to create a partnership that would also involve Botswana, Namibia, and South Africa.

Separately, Angola has submitted a formal bid for a minority stake in the loss-making miner, valued between $3 billion and $4 billion. The moves come as Anglo American faces mounting pressure to divest De Beers ahead of an informal year-end deadline. Angola’s proposal is for De Beers to remain a private company in which African countries have a stake.