Industry News by Nemesis

Angola Mulls Privatisation of State Diamond Company

July 14, 2019

The Angolan government is set to privatise the national diamond company, Endiama and partially float its capital on the stock exchange, a Portuguese news agency has reported. 


Minister of Natural Resources and Oil Diamantino Azevedo was quoted by Lusa as saying that a mineral resources agency is being set up to act as regulator and concessionaire. 


Endiama, will no longer take on these roles and part of the diamond company will floated on the stock exchange, he said. 


Azevedo said the realignment of the mining sector follows that of the oil sector, which saw Sonangol sell its non-strategic assets and will have a minority share of its capital floated on the stock exchange in 2020. 


“The idea is the same, and the strategy for its implementation is now being drawn up,” he said. 


“… the future Natural Resources Agency will benefit from all the experience and assets of the state-owned company that deals with precious metal and mineral resources.” 


Endiama is expecting to earn about $1.5 billion in revenue this year compared with $1.25 billion realised from 8.47 million carats sold in 2018. 


Endiama has a 41% interest in Catoca, which produces and sells about 6.8 million carats of Angolan Catoca’s reserves are estimated at 120 million carats.  


It also has interests two other primary kimberlite projects – Camutue and Luo. 

 
Endiama has stakes in nine secondary alluvial projects, which included Chitolotolo, Chimbongo, Cambange, Cuango and Lulo. 


Endiama, together with Russia’s Alrosa, are prospecting for diamonds at the Luaxe kimberlite project.  


The deposit was discovered in 2013 and it has reserves of about 350 million carats with a lifespan of 30 years.   
 

Source: Rough&Polished

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