Angola aims to boost diamond production to 17.53 million carats by 2027, leveraging mining revenues for food security and employment. Expected revenue growth from $1.4 billion in 2024 to $2.1 billion in 2025 signifies the sector’s importance to the GDP. Recent investments and discoveries indicate Angola’s potential as a diamond powerhouse, with African Mining Week offering opportunities for global engagement.
Angola is set to elevate its diamond production to 17.53 million carats by 2027 as part of its National Development Plan for 2023–2027, utilizing mining revenues to enhance food security, create employment, and reduce poverty. The country anticipates a rise in diamond revenue from $1.4 billion in 2024 to $2.1 billion in 2025, consequently increasing the sector’s GDP contribution. With over 24 operational diamond mines and strong governmental support, Angola’s diamond industry shows significant potential for economic advancement.
Recent advancements, including exploration projects and foreign investments, highlight Angola’s standing as a prospective global diamond mining center. State-owned firm ENDIAMA reports over 732 million carats of untapped diamond reserves worth more than $140 billion. The company plans to initiate a diamond production pilot at the Luachimba facility by 2025, further solidifying the industry’s role in sustainable development and expanding independent production at the Xamacanda facility.
In November 2024, Maden International Group, a subsidiary of the Sovereign Fund of the Sultanate of Oman, made a notable entrance into the Angolan market by purchasing stakes in the Catoca and Luele Mines from Russia’s Alrosa. This acquisition introduces vital capital and expertise that may significantly enhance Angola’s diamond output and economic growth. Additionally, in October 2024, De Beers announced the identification of eight new diamond project targets through strategic collaborations with ENDIAMA and other geological institutions.
In summary, Angola’s ambitious goals for diamond production and associated revenue growth, coupled with significant international investments, position the nation as a prospective leader in the global diamond mining sector. The forthcoming African Mining Week provides an essential platform for fostering international partnerships and investment opportunities, thereby enhancing Angola’s attractiveness to global stakeholders. With promising discoveries and ongoing projects, Angola is poised for notable economic transformation through its diamond sector.
Original Source: www.africa.com
