Angola's government will not use national funds to finance state-owned miner Endiama's proposed acquisition of a stake in diamond giant De Beers, Finance Minister Vera Daves de Sousa said on Friday.
This comes after reports that Endiama had submitted a bid for Anglo American's majority stake in De Beers, a significant shift from its earlier interest in a minority share.
Anglo American is selling the iconic diamond unit as part of a strategic restructuring to focus on copper.
Reuters reports that, during a press briefing on the 2026 national budget, when asked how the acquisition would be funded, Minister de Sousa was unequivocal.
She confirmed there is no provision for the share purchase in next year's spending plan.
"So, let us assume that the entity (Endiama) has the courage to take this decision, because the funding will not come out of the national budget. That is all I can say," de Sousa said.
The clarification places the onus squarely on Endiama to secure financing for the ambitious bid.
Anglo American values De Beers at approximately $4.9 billion, a figure set after the company recorded $3.5 billion in impairments over the past two years.
Mathew Nyaungwa, Editor-in-Chief, Rough & Polished
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