Angola aims to boost its diamond production to 17.53 million carats by 2027, becoming the world’s third largest rough producer. The country is forecasting a 50% revenue increase this year from $1.4 billion to $2.1 billion. With major mining ventures underway, including the opening of the Luele mine, Angola’s National Development Plan aims to utilize diamond revenues for essential socio-economic initiatives.
Angola is set to significantly expand its diamond production, targeting an annual output of 17.53 million carats by 2027, positioning itself as the third largest rough diamond producer globally. The country anticipates a substantial revenue boost of 50% this year, increasing from $1.4 billion in 2024 to $2.1 billion. Despite a tragic civil war from 1975 to 2002 that hindered economic growth, Angola boasts considerable mineral resources, including largely untapped diamond reserves.
The mining sector is attracting major players such as De Beers and Rio Tinto, facilitating exploration and development. A noteworthy milestone in this endeavor is the recent opening of the Luele mine, which is expected to surpass Catoca, thus becoming the largest diamond mine in Angola with an annual production of 6 million carats. This advancement is part of Angola’s comprehensive National Development Plan for 2023-2027, which emphasizes using diamond revenues for critical areas like food security, employment, and poverty alleviation.
In 2023, Angola successfully recovered 9.8 million carats, solidifying its status as the sixth largest rough diamond producer in the world, with projections indicating an output of up to 14.6 million carats in 2024. This increase in production reflects the country’s potential and commitment to revitalizing its diamond industry and overall economic landscape.
In summary, Angola’s ambitious plan aims to elevate its diamond production to 17.53 million carats by 2027, thereby achieving the distinction of the third largest rough producer globally. The significant increase in projected revenue and ongoing developments such as the new Luele mine highlight the country’s potential and dedication to leveraging its mineral wealth for broader socio-economic benefits.
Original Source: www.idexonline.com
