Angola Aims for Third Place in Global Diamond Production by 2027

Angola plans to boost diamond production to 17.53 million carats by 2027, aspiring to become the world’s third largest producer. Anticipated revenue growth from $1.4 billion in 2023 to $2.1 billion in 2024 marks a 50% increase. Newly opened Luele mine set to surpass Catoca as largest in the country, promoting economic development and poverty reduction efforts.

Angola has set an ambitious target to increase its annual diamond production to 17.53 million carats by the year 2027, positioning itself to emerge as the world’s third largest producer of rough diamonds. The country anticipates a significant boost in diamond revenues, projecting an increase from $1.4 billion in 2023 to $2.1 billion in 2024, signifying a 50% growth in revenue generated.

The nation possesses substantial mineral resources, including vast untapped diamond reserves, although its economic progress has been significantly hindered by a protracted civil war that lasted from 1975 to 2002. Currently, global mining giants De Beers and Rio Tinto are actively exploring these reserves, and the newly inaugurated Luele mine, previously known as Luaxe, commenced operations in November 2023. This mine is poised to surpass Catoca as Angola’s largest diamond mine, with an expected annual output of 6 million carats.

Under its National Development Plan 2023-2027, Angola aims to utilize revenues from diamond mining to enhance food security, generate employment opportunities, and alleviate poverty among its populace. During the year 2023, the country successfully recovered 9.8 million carats of diamonds, cementing its rank as the sixth largest producer of rough diamonds globally, with projections suggesting an output of up to 14.6 million carats in 2024.

In conclusion, Angola’s determination to elevate its diamond production aims to secure its status as a key player in the global diamond market. The country’s strategic investments and mining efforts, particularly with the new Luele mine, underline its potential for significant economic growth through enhanced diamond revenues. With a focus on addressing core social issues such as food security and employment, Angola’s diamond industry could play a transformative role in the nation’s development.

Original Source: www.idexonline.com