Angola Forecasts Huge Production Increase in 2024
January 18, 24
(IDEX Online) - Diamond production in Angola will increase by 50 per cent this year, from 9.7m carats in 2023 to 14.6m carats, says the national diamond company Endiama.
And revenue will climb from $1.51bn in 2023 to $2.5bn this year, Jose Ganga Junior, chairman of Endiama's board of directors, told a press conference. He said the production plan for 2024 was "quite challenging".
Angola forecast 13.8m carats in 2022, but produced only 8.75m carats, and has been stockpiling over a 1m carats as it waits for diamond prices to rise.
The new Luele mine (formerly known as Luaxe) which opened last November, is likely to eclipse the output at Catoca, currently the biggest diamond mine in Angola by far, and the fourth biggest in the world.
It is expected to achieve higher production levels, higher quality kimberlite, and higher per-carat average prices.
In addition, both Rio Tinto and De Beers are currently prospecting for kimberlites in a country that has yet to explore 60 per cent of its diamond-rich territories.
Pic shows Catoca, which has long been Angola's biggest mine.