Angola’s Diamond Mining Initiatives Propel Economic Growth Agenda
Angola aims to raise diamond production to 17.53 million carats by 2027 to drive economic growth through increased revenues. Projected diamond revenue may escalate from $1.4 billion in 2024 to $2.1 billion in 2025. Significant discoveries and foreign investments are positioning Angola as a key player in the diamond mining sector, highlighted by upcoming events like African Mining Week.
Angola has set an ambitious goal to elevate its diamond production to 17.53 million carats by 2027, as part of its National Development Plan for 2023-2027. The government aims to utilize mining revenues to enhance food security, create job opportunities, and alleviate poverty. Revenue from diamonds is anticipated to grow from $1.4 billion in 2024 to $2.1 billion in 2025, further contributing to the nation’s GDP.
With over 24 operational diamond mines and 54 exploration projects currently active, Angola’s diamond sector is primed for significant economic transformation. The African Mining Week (AMW), which showcases profitable diamond opportunities across established and emerging markets, will highlight Angola’s potential within the mining industry.
Recent developments, foreign investments, and project launches signify Angola’s aspiration to become a formidable diamond mining entity. State diamond firm ENDIAMA estimates that the nation possesses over 732 million carats of untapped diamond reserves, valued at over $140 billion. A pilot diamond production and processing initiative at the Luachimba facility is set to commence in 2025 to strengthen the sector’s sustainable development contributions.
In November 2024, Maden International Group acquired stakes in Catoca and Luele Mines from Alrosa, a move that will bring in fresh capital and expertise to enhance diamond production. Additionally, De Beers announced in October 2024 the identification of eight new diamond project targets following strategic partnerships with ENDIAMA and other local entities for exploration activities.
Angola’s potential for high-grade diamond production was further underscored when Lucapa Diamond Company discovered a 176-carat diamond at the Lulo Mine, adding to the five diamonds over 100 carats found at the site in 2024. The intense exploration and discovery efforts reinforce Angola’s status as an attractive destination for diamond investment.
The upcoming AMW serves as an ideal venue for investors and mining stakeholders to engage with Angolan regulatory bodies and explore various projects aimed at unlocking the country’s diamond potential. It will facilitate discussions on investments and strategic partnerships, thereby solidifying Angola’s reputation in the global diamond market. AMW will take place alongside the African Energy Week from October 1-3 in Cape Town.
In summary, Angola is strategically positioning itself to harness its diamond resources for substantial economic growth by increasing production and attracting foreign investment. The anticipated rise in diamond revenues will significantly impact national GDP while contributing to broader social objectives such as food security and poverty reduction. As such, the forthcoming African Mining Week will provide a critical platform for promoting Angola’s diamond investment opportunities.
Original Source: www.africa.com
