Angolan diamond production is expected to increase from 9 million to 20 million carats per year with the start of the Luaxe concession, said the President of Angolan diamond company Endiama, Carlos Sumbula on Tuesday in Luanda.
The Angolan state-owned company and Russian company Alrosa signed a mining investment contract to enable the Luaxe diamond project to be made viable, as well as the public deed of incorporation of Sociedade Mineira do Luaxe, at a ceremony attended by the Deputy Prime Minister of the Russian Federation, Yury Trutnev.
The Luaxe project is a mining concession that will be owned by Endiama and Alrosa, both with 8.0% each, Sociedade Mineira de Catoca with 50.5%, Artcon with 23.3%, Makakuima with 5.2% and Kollur with 5.0%.
Alrosa president Sergey Ivanov said on the occasion that the Luele deposit alone, inside the Luaxe concession, “is the largest to have been discovered around the world in the last 60 years.”
Ivanov also said that the diamonds in the concession have a market value of more than US$35 billion.
Together with the remaining partners in Luaxe’s mining investment contract, Endiama and the Russians from Alrosa have previously reported that they plan to invest US$1 billion in the concession, which could guarantee an annual output of about 10 million carats. (macauhub)