Angola’s Ambitious Efforts to Become the Third Largest Rough Diamond Producer

Angola aims to enhance diamond production to 17.53 million carats by 2027, striving to become the third-largest rough diamond producer. Expected revenue is set to rise from $1.4 billion in 2024 to $2.1 billion this year. With significant investments and new mines, Angola is focused on utilizing diamond wealth to address food security and poverty reduction.

Angola is strategically positioning itself to enhance its diamond production, targeting an impressive output of 17.53 million carats by 2027. This ambitious initiative aims to secure Angola’s place as the world’s third-largest producer of rough diamonds. Projected revenue from diamond exports is also set to increase significantly, with estimates rising from $1.4 billion in 2024 to $2.1 billion in revenue this year, reflecting a 50 percent growth.

Despite its extensive mineral wealth and untapped diamond reserves, Angola’s economic progress has historically been hindered by the long-lasting effects of its civil war that lasted from 1975 to 2002. However, the situation has begun to shift, as prominent companies such as De Beers and Rio Tinto are now engaged in prospecting activities within the country. The recent opening of the Luele mine in November 2023 is particularly notable, as it is anticipated to produce six million carats annually, surpassing the existing Catoca mine as Angola’s largest diamond mining operation.

As part of its National Development Plan for 2023-2027, the Angolan government intends to utilize revenues generated from diamond mining to promote food security, create employment opportunities, and alleviate poverty among its population. In 2023, Angola successfully recovered 9.8 million carats, thus maintaining its status as the sixth-largest rough diamond producer globally, with expectations of reaching up to 14.6 million carats in production for 2024.

Angola is on a transformative path to significantly boost its diamond production and revenues, with concrete plans to become a leading global producer. The unlocking of vast diamond reserves, coupled with new mining initiatives and a clear governmental focus on socio-economic development, positions Angola favorably for growth in the next few years. These developments signify a promising future for the country’s mining sector.

Original Source: www.idexonline.com