Industry News by Nemesis

Endiama Plans $200mln Investment to Boost Angola Diamond Output

December 4, 2019

Angolan state-owned diamond mining company, Endiama is set to inject $200 million into its operations next year to lift national output from 11.3 million to 13.8 million carats.


Company chief executive Laureano Paulo was quoted by Angop news agency as saying that investments previously made saw the company producing 6.1 million carats in 2017, 8.8 million in 2018 and is expected to realise an output of 11.3 million carats this year.


He said Endiama will invest $1 billion over the next five years.


Paulo said the financial needs for the company will likely rise to between $2 billion and $3 billion per year as new projects come on stream.


The Angolan Development Bank and VTB Africa, which is part of the Russian group VTB, were among the few financiers of the diamond sub-sector in Angola.

 

Source: Rough&Polished

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