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Diamonds Corporate News Local

Oman’s Maaden International Replaces Russia’s Alrosa in Angola’s Diamond Ventures

Oman’s Maaden International Investment has been announced as the new shareholder in Angola’s Catoca and Luele mining companies, replacing the Russian diamond giant Alrosa. The announcement was made by Angola’s Minister of Mineral Resources, Oil and Gas, Diamantino Azevedo, during a Council of Ministers meeting on Thursday. According to a statement from the Ministry of Mineral Resources, Oil and Gas accessed by VerAngola, Maaden International Investment, a subsidiary of the Sultanate of Oman’s sovereign wealth

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Diamonds Economy Local News

Sociedade Mineira do Luele Produces Over 4 Million Carats in First Year

Sociedade Mineira do Luele has achieved an impressive milestone, producing over 4.4 million carats of diamonds during its inaugural year of operations. This achievement was announced by Romulo Mucase, Chairman of the Board of Directors (PCA), during a speech on Saturday marking the mine’s first anniversary. The facility was officially inaugurated by President João Lourenço in November last year. According to a statement from Endiama, shared by VerAngola, Mucase praised the team’s efforts in overcoming

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Local Mining Projects News

Quartz Mining Project in Conda Set to Boost Local Development

The Chinese-owned company Saint Base Indústria Mineira, Lda, has unveiled its quartz mining project in the municipality of Conda, Cuanza-Sul province. The project will exploit a quartz deposit in the Kissasa region, located eight kilometers from the municipal center, covering an area of 400 hectares. It is expected to operate for an initial renewable term of ten years with an estimated investment of $20 million. At the project presentation on Thursday, Yu Zhihobhui, Chairman of

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Local Governance News

Biden’s First Visit to Angola to Strengthen U.S. Ties with Sub-Saharan Africa

Outgoing U.S. President Joe Biden is making a historic visit to Angola, fulfilling a pledge to strengthen U.S. ties with sub-Saharan Africa as competition with China intensifies. Biden, the first U.S. president to visit Angola since its independence in 1975, will spend three days in Luanda, from Monday to Wednesday, discussing economic, political, and cultural partnerships. The visit honors a promise Biden made in 2022 to engage more closely with Africa. Originally scheduled for October,

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Local News Transport and Logistics

World Bank Announces $300 Million Project for the Lobito Corridor

The World Bank is preparing a $300 million project for the Lobito Corridor, according to Victoria Kwakwa, the institution’s Vice President for Eastern and Southern Africa. She emphasized that participating countries must create favorable conditions for foreign investment. “The three countries involved must also focus on improving connectivity. Each must establish conditions to boost trade, address regulatory barriers, and develop infrastructure that enhances regional connectivity. This will enable the region to become a hub of

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Local Corporate News Diamonds

Omani Sovereign Wealth Fund Replaces Alrosa in Angola’s Catoca Diamond Venture

A subsidiary of Oman’s sovereign wealth fund has taken over Russian sanctions-hit Alrosa’s stake in Angola’s state-controlled diamond miner, Catoca, according to Angolan officials. Angola had faced mounting international pressure to sever ties with Alrosa, the Russian state-controlled diamond giant and world’s largest producer of rough diamonds by volume. This pressure began in 2022 following Western sanctions imposed on Alrosa due to Russia’s invasion of Ukraine. “From now on, we have a new partner who

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Diamonds Corporate News Local

Lucapa Sells Lulo Diamonds for $2.67 Million in Angola Tender

Lucapa Diamond Company Limited (ASX: LOM) has announced the successful sale of four exceptional Type IIa diamonds from its Lulo mine in Angola, fetching a total of $2.67 million at a tender hosted by Angola’s national diamond marketing company, Sodiam E.P. High-Value Parcel Breakdown The 120-carat parcel included: The parcel achieved an impressive average price of $22,150 per carat, with the 45-carat white diamond securing the highest price per carat. Lucapa Managing Director and CEO

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Local News

KBR and AMUFERT Partner to Build Ammonia Plant in Angola

KBR, a global engineering company, has partnered with AMUFERT, a fertilizer production and marketing firm, to develop a large-scale ammonia production plant in Soyo, Angola. The facility will have a daily production capacity of 2,300 metric tons, aiming to enhance food security in Angola and across the region. The project will leverage KBR’s proprietary ammonia technology, with the company providing a technology license, specialized engineering design, and tailored solutions to support the plant’s development. Jay

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Transport and Logistics Local News

Banco Sol Expresses Commitment to Supporting Sustainable Projects in Lobito Corridor

Banco Sol has expressed interest in financing and supporting sustainable projects led by local entrepreneurs along the Lobito Corridor, the bank’s Executive Committee Chairman, Osvaldo de Lemos Macaia, confirmed on Wednesday in Benguela. Speaking to Jornal de Angola, Macaia emphasized the region’s economic potential and the government’s active efforts to attract investors to the Lobito Corridor. “For initiatives along the Lobito Corridor, Banco Sol will evaluate the projects and companies to assess how local entrepreneurs

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Local News Oil

Angola Approves Special Regime to Boost Hydrocarbon Production

Angola’s President João Lourenço has approved a special legal regime aimed at maximizing hydrocarbon recovery in mature oil concessions within the country’s maritime zone. This initiative, announced in a presidential decree dated November 20, focuses on promoting incremental production in aging fields through enhanced investment opportunities. The regime targets fields that have been operational for over 25 years or have utilized 70% or more of their proven reserves, as defined by the National Oil, Gas,

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