Diamond Mining Giants ALROSA & ENDIAMA Talking Investment in Angola

Mining and Exploration
10/05/2017 10:41

Angolan diamond mining company ENDIAMA and Russian miner ALROSA announced on Tuesday in Luanda their intention to conduct studies to promote additional investments in the exploitation of kimberlites in Angola. The announcements came from the chairmen of ENDIAMA, António Carlos Sambula, and ALROSA, Sergei Ivanov at the end of an audience with the Angolan Vice-president, Manuel Domingos Vicente. Sergei Ivanov said business with Angola is flourishing and data indicates that 2016 was better than previous year, with net profits of US$137 million, as well as better quality of extracted diamonds. He believes this year may see an improvement in the revenues in terms of foreign exchange resulting from the sale of diamonds, due to the economic environment that is more favorable. Ivanov said new investments could be made from 2018, depending on the economic feasibility studies in other projects, such as Luachi. 

The chairman of ENDIAMA said the investment prospects in partnership with the largest diamond company in the world are good, but that the amounts are still to be determined because this depends on the results of the ongoing technical and economic studies. Currently at the Luachi project, large volume sampling is being conducted carried to assess the technical and economic feasibility and the Kimangue prospecting project, where a magnetic aerial survey is carried out to discover more kimberlites. Sumbula reaffirmed that the works in the Luachi ore, considered one of the largest after Catoca, are running according to the schedule and can be opened in late 2018 or early 2019. Two weeks ago, ENDIAMA's executive director Fernando Sebastião said the activities for the year 2017 include the strengthening of the strategic partnership between ENDIAMA/ALROSA, increasing the scope of exploration activities and interpretation of data from an aerial-geophysical survey and terrestrial geophysics, as well as treating high-volume samples of LUAXE Kimberlite, the launch of Kimberlito CAT E42 production activities and the start-up of the CANGANDALA Project.