Angola aims to boost diamond production to 17.53 million carats by 2027 to enhance economic growth and address food security and poverty. With anticipated revenue growth, active mining projects, and foreign investments, Angola’s diamond sector is pivotal for its GDP. Upcoming events like African Mining Week will showcase investment opportunities in the country.
Angola intends to elevate diamond production to 17.53 million carats by 2027, aligning with its National Development Plan for 2023-2027. This strategy aims to utilize mining revenues to enhance food security, generate employment, and alleviate poverty. The government foresees diamond revenues surging from $1.4 billion in 2024 to $2.1 billion in 2025, thereby increasing the sector’s GDP contribution as it boasts over 24 operational diamond mines and 54 exploration projects.
The forthcoming African Mining Week (AMW) will highlight lucrative diamond opportunities within established and emerging markets in Africa, including Angola. Recent discoveries, project launches, and foreign investments affirm Angola’s potential as a dominant player in the global diamond mining industry. According to ENDIAMA, the country contains more than 732 million carats of unexplored diamond reserves valued at over $140 billion, prompting a diamond production and processing pilot at the Luachimba facility set for 2025.
In a significant development, Maden International Group acquired stakes in the Catoca and Luele Mines, infusing the Angolan market with new capital and expertise, which may enable increased diamond production and GDP growth. Additionally, De Beers has confirmed the discovery of eight new diamond project targets, following their partnership with ENDIAMA and other local agencies to conduct comprehensive geological surveys. Angola is also exploring new diamond and critical mineral prospects in collaboration with Rio Tinto.
Highlighting Angola’s diamond potential, the Lucapa Diamond Company unearthed a 176-carat diamond at the renowned Lulo Mine in August 2024. This reflects the robust opportunities for high-quality diamond production, supported by 20 significant finds at the Lulo site in 2022. The AMW serves as an optimal venue for investments and collaborations, connecting international stakeholders with Angolan regulatory authorities.
Scheduled from October 1 to 3 in Cape Town, the AMW will occur concurrently with the African Energy Week: Invest in African Energy 2025 conference. This premier event will enable sponsors, exhibitors, and delegates to engage and explore Angola’s profound diamond potential, emphasizing the nation as a premier destination for diamond investment.
Angola’s ambitious plan to increase diamond production by 2027 aims to leverage mining revenues for sustainable development, food security, and poverty reduction. With significant investments and discoveries, including high-grade diamonds at the Lulo Mine, the country’s potential in the diamond sector is substantial. Events like the African Mining Week will facilitate international cooperation and attract investment, reinforcing Angola’s role as an emerging leader in diamond mining.
Original Source: www.africa.com
