Angola aims to elevate its diamond production to 17.53 million carats by 2027, becoming the third-largest rough producer globally. The country forecasts a 50% increase in diamond revenue this year, fueled by new mining ventures and investment. Despite past challenges, Angola is focused on integrating diamond revenues into social development as it aims for a significant production increase in the coming years.
Angola is embarking on an ambitious plan to elevate its annual diamond production to 17.53 million carats by the year 2027, positioning itself to become the third-largest rough diamond producer globally. The country anticipates a significant increase in diamond revenue, projecting a rise from $1.4 billion in 2024 to $2.1 billion in the current year. Although Angola is endowed with substantial mineral wealth, including vast unexplored diamond reserves, its economic development has been hindered by a protracted civil war that lasted from 1975 to 2002.
Currently, major mining companies like De Beers and Rio Tinto are engaging in exploration activities within Angola, rejuvenated by the recent launch of the Luele (formerly known as Luaxe) mine in November 2023. This new operation is expected to surpass the Catoca mine, already recognized as the largest mine in the country, with an expected annual yield of approximately six million carats. As part of its National Development Plan for 2023-2027, Angola aims to invest mining revenues into initiatives focused on food security, generating employment, and alleviating poverty.
In 2023, Angola successfully recovered 9.8 million carats, resulting in its retention of the title as the world’s sixth-largest producer of rough diamonds. Looking forward, the nation is projected to further increase its output, aiming for production levels of up to 14.6 million carats in 2024, underscoring its commitment to growth in the diamond sector.
In summary, Angola is strategically increasing its diamond production and economic potential, aiming for notable growth in revenue and output. With significant foreign investment and the development of new projects, the nation strives to improve its global standing in the diamond industry while addressing key societal issues through its National Development Plan. These efforts aim to transform Angola into a leader in diamond production by 2027.
Original Source: www.idexonline.com
