Angola’s 732 million carats in diamond reserves could earn the state more US$140 billion at an average price of US$200 per carat, announced state-owned diamond mining company Endiama (Empresa Nacional de Diamantes de Angola).
Of the estimated reserves, more than 90 percent are in primary deposits. Miguel Vemba, director of mining operations and stake management at Endiama, emphasised the necessity of finding efficient mechanisms to recover the full value of the deposits, citing artificial intelligence which has revolutionised the industry, saving time and money in the exploration process. “Only through this new technology will we be able to considerably increase our reserves”, he told journalists on the sidelines of the 10th UNESCO African Engineering Week & African Engineering Conference in Luanda, adding that AI, used in conjunction with higher capacity equipment, could also facilitate operational improvements.
Vemba also announced that Endiama could become a producer in its own right as soon as 2025, rather than relying solely on companies in which it holds stakes. He cited two projects in the prospecting phase, namely Luachimba and Xamacanda, both located in Lunda Norte.
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The 601-square-kilometre Luachimba venture is “already well advanced” and should go into pilot production next year. Work started on Xamacanda in January of last year and while the site has “a lot of potential,” it is still in the study and information-gathering phase. “The intention,” Vemba explained, “is to continue developing these projects and not simply depend on our holdings.”
Angola produced 9.8 million carats of diamonds in 2023, making it the fourth-largest producer of rough diamonds in the world. The industry stretches across several central provinces that range from the Atlantic coast in the west to the border with the Democratic Republic of Congo in the east, namely Lunda Norte, Lunda Sul, Bié, Kwanza Sul and Malanje.
It is a growing industry, with diamond production in the first six months of 2024 seeing an increase of 36 percent over the same period last year. That translates to 5.6 million carats of diamonds and revenues of US$608.84 million. Those diamonds sold at an average price of US$191 per carat, slightly below the figure given by Endiama for estimated future revenue.
