Angola’s Luele Mine, the largest diamond mine in the country – has started operations, with President João Lourenço inaugurating the project this week.
Operated in partnership with Angolan state firm Endima, Falcon, Reform and the Geological Institute of Angola – the 600m deep mine is expected to double Angola’s diamond production.
Comprising 647 million tons of ore reserves, the project is anticipated to yield 628 million carats over its 60-year lifespan, with annual production set to rise from the trial phase’s 5 million carats to 6 million carats. Annual export revenue from the project is expected at $60 million during the initial phase of the mine. The launch is expected to bolster investments within Angola’s mining sector, contributing to overall economic growth.
Highlighting the significance of the milestone on the global diamond industry, Paul Zimnisky, independent diamond market analyst, said the $635 million project “is the only major new diamond mine in the world that will commence production this decade.”