Angola’s Diamond Mining: A Catalyst for Economic Growth

Angola aims for a diamond production target of 17.53 million carats by 2027, aiming to utilize mining revenue for food security and poverty reduction. Expected revenues will rise significantly, enhancing GDP contributions. With 24 mines and recent foreign investments, Angola is poised for economic transformation. Upcoming African Mining Week will showcase diamond opportunities to global stakeholders.

Angola aims to increase its diamond production to 17.53 million carats by 2027 as part of the National Development Plan for 2023–2027. The government seeks to utilize mining revenues to enhance food security, create jobs, and alleviate poverty. Anticipated diamond revenues are projected to rise from $1.4 billion in 2024 to $2.1 billion in 2025, thus bolstering the sector’s contribution to the national GDP.

With more than 24 operational diamond mines and 54 exploration projects, Angola’s diamond sector is poised for significant economic transformation, supported by strong governmental initiatives. The forthcoming African Mining Week (AMW) serves as Africa’s premier event, highlighting promising diamond opportunities within well-established and emerging markets, including Angola.

Recent developments and foreign investments highlight Angola’s potential as a global diamond mining leader. The state diamond company ENDIAMA reports that Angola holds over 732 million carats of untapped diamond reserves valued at over $140 billion. To exploit these resources, ENDIAMA plans to initiate a diamond production and processing pilot at the Luachimba facility in 2025.

Strategic investments are evident, particularly with Maden International Group’s acquisition of stakes in the Catoca and Luele Mines from Russia’s Alrosa. This entry not only infuses new capital but also brings expertise that could enhance diamond production and GDP growth. Additionally, De Beers announced the discovery of eight new diamond project targets through a partnership with ENDIAMA in October 2024.

The discovery of a 176-carat diamond at Lucapa by the Lucapa Diamond Company underscores Angola’s potential for high-grade diamond production. This marks the fifth diamond exceeding 100 carats found at the Lulo Mine in 2024, continuing from 20 significant discoveries in 2022. The AMW serves as a vital platform for global investors and mining stakeholders to connect with Angolan authorities, promoting investment discussions and strategic partnerships.

As a premier venue for exploring the wide array of mining opportunities across Africa, the African Mining Week will occur alongside the African Energy Week: Invest in African Energy 2025 conference from October 1-3 in Cape Town. Interested parties can obtain further information by reaching out to those listed in the announcement’s contact section.

Angola’s ambitious plans to enhance its diamond production signify a strategic move toward economic growth, emphasizing improved food security, job creation, and poverty alleviation. The substantial untapped diamond reserves, combined with strategic investments and international partnerships, position Angola as a key player in the diamond industry. The forthcoming AMW will be crucial in showcasing Angola’s opportunities to global investors, further solidifying its status as an attractive destination for diamond investment.

Original Source: www.africa.com