Angola aims to produce 17.53 million carats of diamonds annually by 2027, aspiring to become the third largest producer worldwide. The country forecasts a 50 percent revenue increase from $1.4 billion to $2.1 billion. The recently opened Luele mine is expected to produce 6 million carats per year, contributing to national development goals including poverty reduction and employment.
Angola is poised to significantly increase its diamond production, targeting an annual output of 17.53 million carats by 2027, with the ambition of becoming the third largest rough diamond producer globally. This ambitious goal includes a projected 50 percent rise in diamond revenue, which is expected to grow from $1.4 billion in 2024 to $2.1 billion in the following year.
Despite its rich mineral resources, including substantial untapped diamond deposits, Angola’s economic growth has been impeded by the long-lasting effects of the civil war that lasted from 1975 to 2002. Currently, prominent companies such as De Beers and Rio Tinto have turned their focus toward exploration efforts in the region. Notably, the new Luele mine has commenced operations, anticipated to surpass Catoca as the largest mine in Angola, projected to yield 6 million carats annually.
As part of the National Development Plan for 2023-2027, the Angolan government intends to invest diamond mining revenues into enhancing food security, generating employment opportunities, and alleviating poverty. In 2023, Angola successfully recovered 9.8 million carats, securing its status as the world’s sixth largest rough diamond producer, with expectations to increase production to 14.6 million carats by 2024.
In summary, Angola’s strategic initiatives aim to develop its diamond industry significantly, with ambitious production goals and an economic plan focusing on societal welfare. The collaboration with major mining companies indicates a promising future for the sector, which could enhance the country’s standing in global diamond production.
Original Source: www.idexonline.com
