De Beers and its state-owned joint venture partner in Angola, Endiama, have discovered a new kimberlite field, the diamond giant’s first such discovery in three decades.
The world’s largest diamond miner by value said it struck kimberlite, the most common source of mined diamonds, in its first drill hole into a high-priority target cluster in July. It plans to conduct more drilling, geophysical surveys and lab analysis over the coming months to determine the kimberlite type and its diamond potential.
“Angola is, in our view, one of the best places on the planet to look for diamonds, and this discovery reinforces our confidence,” De Beers CEO Al Cook said in a statement.
Uncertain future
De Beers, a unit of Anglo American (LSE: AAL), has explored for diamonds in Angola with Endiama since April 2022, after signing two mining investment deals with the government. In 2024, the partners expanded their agreements to cover diamond processing and further exploration.
The find comes as De Beers – which owns a 51% stake in the Gahcho Kué diamond mine in the Northwest Territories – faces an uncertain future. Anglo American announced in May 2024 it would sell the unit or launch an initial public offering, part of a corporate shake-up following its defence against a £39 billion ($49 billion) takeover bid by Australian rival BHP (ASX: BHP).
At least six consortia are reported to be interested, including commodities billionaire Anil Agarwal, Indian diamond firms KGK Group and Kapu Gems, and Qatari investment funds. Botswana is also said to be pursuing a controlling stake.
The sale process is unfold against a backdrop of weak market conditions, with prices pressured by competition from lab-grown stones and slowing demand in China.
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