Angola’s Strategic Push in Diamond Mining for Economic Growth
Angola aims to boost diamond production to 17.53 million carats by 2027, using mining revenues for food security and poverty reduction. Diamond revenue is projected to rise significantly by 2025. The country possesses immense untapped diamond reserves and is attracting foreign investments, highlighting its potential as a global diamond mining leader. Major discoveries further emphasize the sector’s robust growth opportunities.
Angola aims to elevate its diamond production to 17.53 million carats by 2027, as articulated in its National Development Plan for 2023–2027. The government intends to utilize mining revenues to enhance food security, create jobs, and alleviate poverty. Furthermore, diamond revenues are projected to surge from $1.4 billion in 2024 to $2.1 billion in 2025, contributing significantly to the country’s GDP. With 24 operational diamond mines and 54 exploration projects, the sector possesses robust potential for economic transformation.
The African Mining Week (AMW), a premier event in the mining sector, is set to highlight lucrative diamond prospects in established and emerging markets, including Angola. Recent discoveries and investments depict Angola as a potential leader in the global diamond mining industry. The state diamond firm ENDIAMA reports over 732 million carats of untapped reserves estimated to be worth more than $140 billion. To harness these resources, ENDIAMA plans to initiate a diamond production and processing pilot at the Luachimba facility in 2025.
Strategic developments are underway as Maden International Group, linked to the Sovereign Fund of the Sultanate of Oman, has recently acquired stakes in the Catoca and Luele Mines from Russia’s Alrosa, injecting new capital and expertise into Angola’s diamond sector. In October 2024, De Beers uncovered eight new diamond project targets encapsulated in a partnership with ENDIAMA and other relevant agencies, reinforcing Angola’s exploration efforts. Furthermore, Angola is evaluating new diamond and critical mineral prospects in conjunction with Rio Tinto.
High-grade diamonds are being discovered in Angola, exemplified by the 176-carat diamond unearthed by Lucapa Diamond Company at the Lulo Mine in August 2024, marking the latest in a series of significant finds. The Lulo Mine has become notable for its high-quality stones, with 20 key discoveries reported in 2022. AMW provides a pivotal platform for global investors and stakeholders to interact with Angolan authorities, facilitating investment discussions and partnerships to maximize the country’s diamond potential.
The African Mining Week serves as an essential venue to explore diverse mining opportunities throughout Africa, taking place concurrently with the African Energy Week conference from October 1-3 in Cape Town. Interested sponsors, exhibitors, and delegates may obtain additional information by contacting the organizers.
In summary, Angola is positioning itself as a significant player in the diamond mining industry with a comprehensive plan to enhance production and revenue generation. The government’s commitment, alongside strategic partnerships and new investments, underscores the potential for economic growth. Major discoveries further reflect the promise of high-grade diamond production, positioning Angola as an attractive destination for global investors in the diamond sector.
Original Source: www.zawya.com
