Rising diamond prices enable some Angolan mines to resume operations

8 June 2010

Luanda, Angola, 8 Jun – Higher diamond prices on international markets have enabled the launch or resumption of some diamond operations, the president of Empresa Nacional de Diamantes de Angola (Endiama) has stated.

Carlos Sumbula made his comments during the weekend inauguration of the Luana mining project in Lucapa municipality, Lunda Norte province. He explained that although market prices are still lower than before the international financial crisis, rising prices are now giving a boost to the diamond market.

Sumbula said he was confident that everything was being done to ensure that deactivated mines resume operations as soon as possible, with efforts coordinated between the Lunda Norte provincial government, the Ministry of Industry, Geology and Mines, Endiama, and labour unions.

The Luana diamond project should initially produce 3,000 carats of diamonds. The useful life of the open-air mine is estimated at six years, with investment calculated at US$28 million. (macauhub)