Good news for the Angola Mining Sector
The Angola Mining sector received some positive news on Monday when a white diamond weighing 404.2 carats was discovered at Lulo mine. It is said to the biggest diamond to ever be mined in Angola as well as the biggest ever by an Australian based mining company! Australia-based Lucapa Diamond also stated that the diamond is the 27th largest diamond ever mined, globally.
[Source: Mining.com (404 carat diamond discovery in Angola)]
404 carat diamond discovery in Angola
This is the fourth 100+ carat gem that has been mined from Lucapa, since starting its Angola mining operation at Lulo. Since the discovery of the diamond, news has travelled quite quickly causing company shares to increase by 30% by Tuesday.
The Lucapa mine hosts type-2a diamonds which account for less than 1% of global supply and, according to Lucapa, the world’s most famous large, white, flawless diamonds belong to this category.
About Lulo Mine in Angola
Lulo is approximately 700 kilometers East of Angola’s capital Luanda, is a joint venture between Lucapa Diamond and the Angolan government. Lulo is also located 150km from Alrosa’s Catoca mine, the 4th largest diamond mine in the world.
The Angola Mining sector
Angola is ranked 4th in the world for diamond production and 6th in the world for the volume of diamonds being mined. The Mining sector in Angola is emerging from a long period of difficulty. The Angolan government has recently reduced taxes and cut state ownership requirements in a bid to rekindle the industry after the global financial crisis forced mines to close.
What does this diamond discovery mean for Angola Mining?
This is great news for Angola and the overall Angola Mining sector, as it highlights the potential for discovering large gems which could ultimately compete with the other major diamond producers in the region.
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