De Beers’ joint venture announced the discovery of a new kimberlite field in Angola, potentially redefining the future of the country’s mining industry.
Three years into their joint venture, De Beers Group, a global leader in the diamond industry, and Angolan state-owned diamond company Endiama have reached a new milestone. Aerial surveys conducted this March identified a number of sites as priority drilling targets. One such target yielded a successful drill hole intercept on the first attempt, marking the first new kimberlite field discovered by De Beers in over three decades.
Kimberlite is a rare type of igneous rock that can carry diamonds from deep in the Earth to the surface through volcanic eruptions. While kimberlite is the most common source of mined diamonds, only around 1 percent of deposits globally contain economic concentrations of diamonds.
In the coming months, the joint venture plans to conduct additional drilling, ground-based geophysical surveys, and detailed laboratory analyses to confirm the kimberlite is diamondiferous and assess its economic potential.
[See more: Angola’s estimated diamond reserves exceed 700 million carats]
“Angola is, in our view, one of the best places on the planet to look for diamonds, and this discovery reinforces our confidence,” De Beers Group CEO Al Cook said in a press release. Cook was quick to thank Angolan President João Lourenço and his government for their work to “enhance transparency, adopt international best practices and create a business-friendly environment”, enabling the company’s return after pulling out more than 20 years earlier.
The mining giant returned in April 2022, signing two mineral investment contracts with the government, further strengthened the following February with agreements signed on diamond processing and exploration. The partnership is part of a broader push in Angola to leverage strategic natural resources, helping drive sustainable and diversified economic growth in the petrostate.
Much of Angola’s mineral wealth remains unexplored. It’s hoped that this new discovery, and the pro-business policies that facilitated it, will catalyse investment interest, generating skilled jobs and fostering technological development in the sector.
