The diamond sector in Angola anticipates recovering a deficit of nearly 1.4 million carats in the second half of the year, aiming to meet the annual production target of 14.6 million carats by year-end. Miguel Vemba, Director of Endiama’s Mining Operations and Holdings Management, shared these insights during the Semiannual Diamond Production Balance Workshop held from July 7-8 in Lunda-Norte. In the first half of 2024, Angola produced approximately five million carats of diamonds, generating
Sociedade Mineira do Luele in Lunda-Norte achieved a production milestone of 1.8 million carats in the first half of this year, securing the administration’s confidence and maintaining over 1,800 jobs. The president of the company’s Board of Directors, Rómulo Mucase, shared this information in Dundo, noting that the production figures represent 94% of the projected 1.9 million carats for the period. He emphasized that this achievement is particularly impressive given the mine’s short operational history,
The National Diamond Company of Angola (Endiama) is implementing measures to stabilize the financial situation of the Lunhinga and Luminas mining companies in Lunda-Norte, both of which are facing significant challenges due to market pressures and high operating costs. Laureano Paulo, Endiama’s Executive Administrator for Mining Operations, Participation Management, Audit, and Quality Control, shared this information during a press briefing on Wednesday, following the Diamond Production Balance Workshop for the first half of the year.
London-listed Petra Diamonds has postponed its August/September tender to align with actions by major producers aimed at restricting supply in response to weaker market demand. The rough diamond parcels from Petra’s South African operations, initially slated for sale in the first tender of the 2025 financial year, will now be included in the second tender, scheduled to close in mid-October. This decision does not affect the tender schedule for diamonds from Petra’s Williamson mine in
Diamond sales in Angola have recently dropped to less than 55% of the expected average price, according to Laureano Paulo, the Executive Administrator for Mining Operations at the National Diamond Company of Angola (ENDIAMA). Speaking at a semi-annual review workshop in Dundo, Lunda-Norte province, Paulo highlighted the challenges facing the diamond sub-sector, noting that current market conditions are far from satisfactory. “Sales today are falling between 30% and 55% below the planned price. For example,
Gem Diamonds has unearthed a 145.55-carat rough diamond from its Letšeng mine in Lesotho, marking the ninth stone over 100 carats found this year. The high-quality, type II diamond was discovered on August 3, the company announced on Wednesday. This follows the recovery of a 123.20-carat and a 172.06-carat diamond in June, and a 212.49-carat stone in May. Additionally, in April, Gem Diamonds extracted two type IIa diamonds weighing 169.15 and 118.74 carats, and in
Angola is currently undertaking 38 gold prospecting projects worth $120 million and is developing a refinery expected to be operational by 2025, according to the Minister of Mineral Resources, Oil, and Gas. The announcement was made during the 1st edition of “Conversations without Makas,” an event promoted by economist Carlos Rosado de Carvalho. “We are building a gold refinery in Luanda. Production is still very small, but the potential is great in several provinces,” the
London-listed Petra Diamonds has postponed its August/September tender to support measures taken by major producers to limit supply amid weaker demand. Rough diamond parcels from its South African operations, originally intended for sale in August/September as part of the first tender for the 2025 financial year, will now be included in the second tender, expected to close in mid-October. The schedule for tenders from the Williamson mine in Tanzania remains unchanged. Petra’s South African operations
Sales of rough diamonds at Debswana Diamond Company fell by 49.2% to $1.29 billion in the first half of the year, compared to $2.54 billion in the same period last year, according to Botswana’s central bank data. In local currency, sales dropped by 47.3% to 17.555 billion pula. This decline is a significant setback for Botswana, which relies on rough diamond sales for 30-40% of its revenue, 75% of its foreign exchange earnings, and one-third
Rio Tinto’s diamond revenue fell in the first half of 2024, pushing the division into the red amid a global market slowdown and lower production. Sales from the Diavik mine in Canada dropped 40% year on year to $149 million for the six months ending June 30, the mining group reported Wednesday. The diamond unit registered an underlying loss of $65 million, compared with a profit of $44 million a year earlier. While Rio Tinto
