Angola’s national diamond prospecting, exploration, cutting and trading company Endiama plans to invest US$200 million in 2020 to increase national production from 11.3 million to 13.8 million carats per year, chief executive Laureano Paulo said in Luanda.
The chief executive also said that the investments already made allowed the extraction of 6.1 million carats in 2017, 8.8 million in 2018 and 11.3 million carats in 2019, with Endiama investing US$1 billion over the next five years to start capital intensive projects.
Speaking during the closing ceremony of the 1st International Conference and Exhibition on the Mining Sector, the CEO said it was essential that the purchasing companies make use of credit lines for exports and pre-financing of mining projects. .
Judging by the number of investors attracted, especially foreign investors, the number of contracts signed and other projects, the financial needs may be between US$2 billion and US$3 billion per year, according to Paulo, quoted by the Angop news agency.
The Angolan Development Bank and VTB Africa, of Russian group VTB, are among the few in Angola that focus on financing projects in the diamond sub-sector. The Endiama executive mentioned the need to approach foreign banks to secure the capital needed to increase Angola’s diamond production. (Macauhub)