Rough resources at Lucapa Diamond Company’s Lulo deposit in Angola increased 48% in 2023 as the miner identified new material that will add an extra eight years to the deposit’s production. The figure, which refers to the volume of diamonds with a reasonable prospect of being extracted economically, climbed to 228,000 carats as of December 31, from 153,870 carats a year earlier, the company said Monday. The miner had the asset independently estimated by South
The Angolan government has stated that the potential withdrawal of the Russian multinational Alrosa from the Catoca project depends on ongoing political assessments, expressing confidence that there will be no prohibition on the sale of Angolan diamonds in the European Union (EU). Jânio Vitor Correia, the Secretary of Mineral Resources, clarified that while the EU is scrutinizing a partnership involving Catoca (Alrosa), diplomatic efforts are underway to address the situation. He emphasized that there is
Angola’s National Diamond Company is going to forge closer partnerships with Chinese companies to develop Angolan diamond projects. The information was given last Saturday in Beijing by the chairman of the board of directors of ENDIAMA-E.P, Ganga Júnior, on the sidelines of the Angola-China Economic Forum, held as part of the strengthening of cooperation between the two countries. ENDIAMA’s president explained that the trip to Beijing had had a “very positive” outcome, and that a
International Marketing professor Stover Ezequias and economist Paulo Santos discussed the recent 21% drop in diamond production in Angola, emphasizing the need for a strategic plan to revive the sector. Ezequias highlighted the significance of the diamond sector, constituting 96% of Angola’s mining production, and warned about potential trade deficits due to reduced export revenues. Santos attributed the decline in production to low diamond prices and decreased demand during the COVID-19 pandemic, cautioning that recovery
Angola experienced a notable surge in diamond production in 2023, reaching 9.772 million carats, marking a 12% increase compared to the previous year. The Secretary of State for Mineral Resources, Jânio Correia Victor, credited this growth to industrial recovery, with Sociedade Mineira de Catoca contributing significantly to the sector’s success by accounting for 71% of total production. While celebrating the growth, Victor highlighted that the total production fell short of the established forecast by approximately
Canada-based Lucara Diamond Corp has released the findings of an updated feasibility study on the Karowe Underground Expansion Project (UGP), outlining an estimated preproduction capital cost of $683 million. Situated in north-central Botswana, the Karowe UGP is anticipated to yield $1.1 billion in cash flow, prolong the Karowe mine’s lifespan by 15 years, and recover 6.8 million carats over its operational duration. Karowe, known for producing four diamonds weighing over 1,000 carats each from its
De Beers Group reported that rough diamond sales increased from US$374 million in the last cycle to US$430 million in the second 2024 sales cycle. The Group released the provisional rough diamond sales figure quoted for Cycle 2 on Wednesday.According to De Beers, the figures represent the expected sales value for the period and remain subject to adjustment based on final completed sales. De Beers Group CEO Al Cook said it was pleasing to see
Lucapa Diamond Company Limited (ASX:LOM) in collaboration with its Angolan partners Endiama and Rosas and Petalas, has announced the discovery of two significant diamonds in February at the Lulo Mine. Both remarkable finds, weighing over 100 carats each, were unearthed from the terraces of Mining Block 46. Among them is a 116-carat type IIa diamond, known for its exceptional quality, which will be showcased in a future tender along with other high-value type IIa diamonds
The US has sanctioned Zimbabwe President Emmerson Mnangagwa for corruption in connection with gold and diamond smuggling, as well as human-rights abuses. The Treasury Department’s Office of Foreign Assets Control (OFAC) has accused Mnangagwa of “providing a protective shield” to gold- and diamond-smuggling networks that operate in Zimbabwe, it said last week. He is also accused of directing Zimbabwean officials to “facilitate the sale of gold and diamonds in illicit markets” and taking “bribes in
Petra Diamonds has started with a recruitment process to appoint a successor to CFO Jacques Breytenbach, who has resigned owing to personal reasons. Breytenbach will remain in his role until the delivery of the company’s full-year results at the end of September and to ensure a smooth transition of his responsibilities. Should a new CFO be appointed before this, Breytenbach will step down earlier. Petra CEO Richard Duffy says Breytenbach has been a highly valued
