Alorsa Angola Mine to Start Operating in 2020

(IDEX Online) - The Luaxe diamond deposit in Angola could produce 1 million carats of diamonds worth $90 million in 2020. That's according to Russian miner Alrosa, which owns the project with Angola's state-controlled diamond miners Catoca and Endiama. 

"It will be one of the largest deposits in the world," Vladimir Marchenko, Alrosa's deputy chief executive in charge of its Africa business, told Reuters.

In 2017, Alrosa said the commercial value of the deposit was over $35 billion.

Alrosa plans to spend $9 million on exploration in Angola in 2020-2022.