Angola's Endiama Eyes De Beers, But Funding Unclear

Angola's state-owned diamond company, Endiama, has its eyes on a piece of De Beers. But there's a catch: the Angolan government won't be funding this deal through its national budget. That's what Finance Minister Vera Daves de Sousa made clear recently. Endiama had earlier shown interest in buying a smaller portion of De Beers. This comes as Anglo, the parent company, is selling off parts of De Beers to focus more on copper and other clean energy metals. But when asked about the funding for this purchase, the finance minister was straightforward: it's not in the budget for next year. This leaves Endiama in a tricky spot. The minister hinted that if Endiama goes ahead with the deal, it will have to find the money on its own. De Beers is valued at about $4. 9 billion, but it's had some rough times lately, with $3. 5 billion in losses over the past two years. But Angola isn't the only one interested in De Beers. Neighboring Botswana, which already owns 15% of the company, sees De Beers as a big deal. Botswana gets 70% of its rough diamonds from De Beers, so it's no surprise they want to keep a close eye on any changes. This could lead to some tension between Angola and Botswana. Both countries see De Beers as important, but only one can come out on top. It's a high-stakes game, and Endiama will need to move carefully if it wants to make a deal happen.