According to Angola's Natural Resources and Oil Minister Diamantino Azevedo, the national diamond company Endiama will be privatized and its capital will be partially floated on the stock exchange, the Portuguese news agency LUSA first reported. "The improvements that we are making are in the governance of the sector," Azevedo said.
Russian diamond mining giant Alrosa and Angola's state-owned diamond firm Endiama have signed an agreement to develop joint projects including diamond production, exploration, training, research and technology exchange. It identifies areas of mutual interest to develop diamond production in Angola as well as cooperation on mechanisms in diamond sales. The companies also intend to work together on the development of industry self-regulation mechanisms and responsible diamond supply chains in support of the Kimberley Process.
João Lourenço, the President of the world’s fifth largest diamond-producing country, Angola, today paid a ceremonious visit to the world’s largest diamond trade center, Antwerp - his first visit to an international diamond trade hub. In what was initially described as a friendly, exploratory house-call, President Lourenço made it clear that he views his visit to Antwerp as part of his intention to increase transparency and promote the country ́s image abroad in order to facilitate the exportation of goods and services and attract direct foreign investment.
Angolan state-owned diamond company Sodiam will divest a stake in Geneva-based jewelry maker De Grisogono - a Swiss firm controlled by the husband of the billionaire daughter (Isabel) of former president Jose Eduardo dos Santos - for “reasons of public interest and legality,” report Henrique Almeida and Candido Mendes for Bloomberg Markets. The move comes, the journalists write, as Angola’s new leader, President Joao Lourenco, untangles the country from the business interests of his predecessor’s family.
Brazilian engineering company Odebrecht SA, a conglomerate selling off assets in the wake of a corruption scandal - allegedly paying hundreds of millions of dollars in bribes in association with infrastructure projects in 12 countries, including Brazil, Argentina, Colombia, Mexico, Venezuela and Panama between 2002 and 2016 - has agreed to sell a 16.4 percent stake in the Catoca mine in Angola.
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.
Diamond industry analyst and author of the Zimnisky Global Rough Diamond Price Index, Paul Zimnisky, takes us on, "A Trip Through the Diamond Industry in March 2017." If there is one trip you make this weekend, we recommend this one.
The Angolan state diamond company, Endiama, said it is currently negotiating with its partner ALROSA for the financing of the Luaxe kimberlite project and will not seek additional investors, reports Macauhub. The Luaxe Kimberlite was discovered in 2012 when Endiama and ALROSA carried out the correlation study to identify Angola's diamond potential. The geological research points to reserves evaluated at 350 million carats and a mining lifespan of 30 years.
Angola’s national diamond company, Endiama, produced 9.21 million carats of diamonds in 2016, slightly exceeding target of 9 million previously set by the Ministry of Planning and Territorial Development. Last year the company’s turnover was US$1.079 billion, US$130 million less than in 2015, “because higher production led to lower prices per carat,” said chairman Antonio Carlos Sumbula. Upon receiving guidance, the chairman was able to implement certain changes such as producing fewer diamonds in order to raise the price in the main markets in 2017.
Lucapa Diamond Company and its partners, Angolan state-owned diamond miner Endiama and Rosas & Petalas, say that alluvial mining operations at the Lulo mine in Angola are proceeding ahead of plan. Lucapa said the recent investment in earth-moving vehicles and equipment saw Lulo achieve record monthly processing volumes in August. Diamond production for August was 2,882 carats, the second-best month on record. The August production included 39 special diamonds – stones weighing 10.8 carats and more – up to 80.5 carats in weight.
How does one cut a massive, 404-carat diamond? James Tarmy of Bloomberg discusses the strategy behind cutting the 404-carat diamond that Lucapa Diamond discovered in Angola’s Lulo mine, making it the largest diamond ever found in Angola. It is also the 27th biggest recorded diamond in the world and the biggest diamond ever discovered by an Australian company.
The Luachi diamond mine, whose commercial operation is planned to start in 2018, has reserves estimated at 350 million carats and a lifespan of 29 years, said Carlos Sumbula, president of Angolan diamond company Endiama on Thursday. This would make it one of the largest diamond mines by volume in the world. Sumbala also said the mine, in the province of Lunda Sul, will occupy an area of 100 hectares and will be excavated to an estimated depth of 400 metres. Geological and geophysical surveying of the area began in 2008 and resulted in the discovery of kimberlite in 2009.
Lucapa Diamond Company discovered the 404-carat diamond at its Lulo diamond project in Angola's Lunda Norte province. "This represents a spectacular average price of A$55,585 (US$39,580) per carat, which is a record price for a white diamond recovered from Lulo and is further evidence of the positive sentiment in the market for large high-quality gems like those being recovered at Lulo," Lucapa said in a statement. Lucapa has a 40% stake in the project while state-run company Endiama owns 32%, and private local company Rosas and Petalas owns the rest.
Endiama, Angola's state-owned diamond prospecting, mining, trading and polishing company, is currently working with ALROSA on the exploration of the Luaxe kimberlite, the majority stakeholder of which is Catoca - owned by Endiama, Alrosa (Russia) LLV (China) and Odebrecht (Brazil).