Angola is set to increase diamond production to 17.53 million carats by 2027, significantly boosting its economy through projected rising revenues. The country holds vast untapped reserves and is enhancing its mining capabilities through strategic partnerships and investments. Upcoming African Mining Week will facilitate investment discussions to further Angola’s diamond investment potential.
Angola is proactively enhancing its diamond mining sector, targeting a production increase to 17.53 million carats by 2027 under its National Development Plan 2023–2027. The government aims to utilize mining revenues to improve food security, create jobs, and reduce poverty. Anticipated diamond revenues are projected to grow from $1.4 billion in 2024 to $2.1 billion by 2025, further strengthening the sector’s GDP contribution.
Currently, Angola boasts over 24 operational diamond mines and 54 exploration projects with significant governmental support for growth. The upcoming African Mining Week (AMW) will spotlight promising diamond opportunities within established and emerging African markets, particularly in Angola’s burgeoning diamond industry.
Angola’s diamond potential is highlighted by recent discoveries and foreign investments, with the state diamond company ENDIAMA estimating over 732 million carats of untapped reserves worth over $140 billion. To harness this potential, a diamond production pilot at the Luachimba facility is set to launch in 2025, with further developments at the Xamacanda facility currently underway.
In November 2024, Maden International Group entered Angola’s market, acquiring interests in the Catoca and Luele Mines from Russian company Alrosa, bringing in new capital and expertise to boost production and GDP. Additionally, De Beers announced eight new diamond exploration targets following a partnership with ENDIAMA, enhancing Angola’s exploration capabilities together with Rio Tinto.
A remarkable find was made by Lucapa Diamond Company in August 2024, discovering a 176-carat diamond at the Lulo Mine, which is one of the largest globally. This marks the fifth diamond over 100 carats unearthed at Lulo in 2024, highlighting Angola’s potential for high-grade diamond output following multiple significant discoveries in the previous year.
AMW will provide an essential platform for investors and mining stakeholders to engage with Angolian authorities, facilitating discussions on investment opportunities and strengthening Angola’s status as a premier destination for diamond investment. This event coincides with the African Energy Week: Invest in African Energy 2025 conference, further showcasing the region’s vast potential.
In conclusion, Angola is strategically positioning itself as a key player in the diamond mining sector, with significant production targets and emerging opportunities for investment. The government’s focus on utilizing mining revenues for broader economic benefits underscores its commitment to sustainable development. Events like the African Mining Week further enhance Angola’s visibility as a lucrative destination for global mining investments and partnerships.
Original Source: www.zawya.com
