Angola aims to raise diamond production to 17.53 million carats by 2027, leveraging mining revenues for economic growth. The diamond sector’s revenue is projected to rise significantly, with ENDIAMA highlighting vast untapped reserves. Strategic investments from global partners are expected to enhance production, alongside substantial diamond discoveries, culminating in the important African Mining Week event for industry stakeholders.
Angola is striving to enhance its diamond production to 17.53 million carats by the year 2027 as part of its National Development Plan for 2023–2027. This initiative aims to utilize mining revenues to improve food security, create employment, and reduce poverty. The anticipated increase in diamond revenue from $1.4 billion in 2024 to $2.1 billion in 2025 is expected to significantly contribute to the nation’s GDP. With over 24 operational diamond mines and 54 exploration projects supported by government action, Angola’s diamond sector is poised for transformative economic growth.
The recent advances in diamond mining underscore Angola’s potential to become a global diamond powerhouse. According to the state-owned diamond firm ENDIAMA, Angola contains over 732 million carats of unexploited diamond reserves, valued at more than $140 billion. To leverage these resources effectively, ENDIAMA plans to initiate a diamond production and processing pilot at the Luachimba facility in 2025, while still engaging in mine development and feasibility studies at the Xamacanda facility to boost independent production.
Strategic investments are being fostered through global partnerships, as evidenced by Maden International Group’s entry into Angola’s market in November 2024. By acquiring interests in the Catoca and Luele Mines from Russia’s Alrosa, this partnership aims to inject new capital and expertise into the sector and could lead to increased diamond production and GDP growth for Angola. Furthermore, De Beers has recently unearthed eight new diamond project targets, following a collaborative exploration initiative with ENDIAMA and other stakeholders.
High-quality diamond discoveries stand out as significant indicators of Angola’s production capabilities. In August 2024, Lucapa Diamond Company discovered a remarkable 176-carat diamond at the Lulo Mine, which has yielded five diamonds over 100 carats in 2024 alone. This discovery provides strong evidence of Angola’s potential for high-grade diamond output, building upon 20 notable findings at Lulo in 2022.
The upcoming African Mining Week (AMW) will serve as an essential platform for investors and stakeholders in the mining industry to engage with Angolan authorities and explore investment opportunities in the diamond sector. It will facilitate discussions, deal signings, and partnerships, affirming Angola’s attractiveness as a destination for diamond investment. This premier mining event will coincide with the African Energy Week: Invest in African Energy 2025 conference from October 1-3 in Cape Town.
In summary, Angola’s ambitious diamond production goals and significant untapped reserves highlight its potential as a leading player in the global diamond market. Strategic investments and discoveries in high-grade diamonds further bolster the sector’s growth prospects. The upcoming African Mining Week will provide a vital forum for fostering international collaboration and investment opportunities in Angola’s burgeoning diamond industry.
Original Source: www.africa.com
