De Beers Spends $15 Million on Diamond Exploration in 16 Angola Areas
Anglo American subsidiary De Beers has made Angola home to its largest global diamond exploration programme after spending $15 million on prospecting across 16 designated areas.
Chief Executive Al Cook disclosed the $15 million exploration expenditure following his meeting with President João Lourenço in Luanda, Business Insider Africa reported.
The mineral search spans 16 distinct areas in the country’s north-east. De Beers returned to Angola in 2022 after a decade-long absence, signing formal mineral-investment contracts with the government. These agreements established active joint ventures with Endiama, the state-owned diamond company.
A wider memorandum of understanding followed in February 2024. That framework covers exploration, deposit evaluation, diamond traceability, artisanal miner support, and the international marketing of Angolan stones.
A successful exploration phase could eventually trigger a diamond mine requiring billions of dollars in capital. Cook outlined the long-term outlook after meeting President João Lourenço at the Presidential Palace.
“We will try to develop the exploration into a diamond mine. This is a very serious investment, which could reach billions of dollars,” Cook said, according to the Angolan presidency.
However, development remains entirely conditional. De Beers has not yet announced a commercially viable discovery, approved a mine or provided a formal development budget, or made a final investment decision. The company has also spent more than $15 million on sustainable environmental projects in southern Angola, a separate initiative from the diamond prospecting budget.
Geologists discovered a new deposit in July 2025. De Beers and Endiama encountered kimberlite—the host rock for diamonds—during drilling operations. The company described it as its first new kimberlite field discovery in over thirty years.
Further laboratory analysis and drilling remain necessary to determine the size, grade, and economic value of the deposit. Discovering kimberlite does not automatically guarantee a profitable mine.
Meanwhile, Angola continues to rise as a major force in the global natural-diamond industry. Kimberley Process figures show the country produced approximately 15.2 million carats of rough diamonds in 2025, valued at roughly $1.81 billion. Exports reached 17.06 million carats worth about $1.65 billion, making Angola the world’s third-largest rough-diamond producer by volume behind Russia and Botswana.
The expansion in Angola moves forward while the corporate ownership of De Beers undergoes structural changes. London-listed Anglo American owns 85% of the diamond producer, while Botswana holds the remaining 15%.
Anglo American has sought to divest its stake amid weak natural-diamond prices, lower luxury demand in China, and competition from laboratory-grown stones. Angola has expressed interest in acquiring a stake to secure greater influence over production and marketing.
No final transaction has been completed. The exploration programme in Angola continues independently as corporate negotiations proceed.