Diamond markets in Angola set for upsurge

Angola’s National Diamonds Company (Endiama) intends to reach a production level of 14 million carats of diamonds, against the current 9.5 million carats. by 2022. José Ganga Júnior, the Chief Operating Officer of the brand recently announced in Soyo, northern Zaire Province.

Speaking on the fringes of the Consultative Council of the Ministry of Mineral Resources and Oil, José Ganga Júnior disclosed that the move is part of Endiama’s restructuration programme, which is focused on production increase. He also revealed that the current production of 9.5 million carats yields for the state’s coffers about USD 1.4 billion.

On the other hand, Sociedade Mineira de Catoca (Catoca Mining Society) in Angola has a massive expansion plan to invest USD 330 million in the next three years in Luaxe’s future mine in Lunda Sul Province.

According to Catoca Mining Society’s Director General, Benedito Paulo, the company is aiming to start the work during the first half of next year. The objective is to collect the samples to fathom the quality of the diamonds, and consequently define the prices of the products from which the economic-financial feasibility study and the exploration project will be made.

Since the commencement of preliminary mining prospect, around USD 114.4 million have already been invested in Luaxe, Benedito Paulo said.

The company has recorded a turnover of over USD 700 million in the current year and paid taxes to the government of USD 217 million against USD 198 million in the previous year.