Project highlight: Angola’s Luele mine

Angola

Angola’s Ministry of Mineral Resources, Petroleum and Gas is seeking to make the country a mining powerhouse. Aligning with this strategy, one of the country’s flagship projects is the Luele mine project. According to estimates, the Luele diamond mine is the largest diamond mine in Angola and one of the largest in the world.

The project aims to cement Angola as a leader in the diamond mining sector and could ultimately double Angola’s diamond production. The project is likely to be the only major new diamond mine to begin production this decade. The mine was inaugurated in November 2023.

SPECIFICATIONS: Formerly known as Luaxe, the Luele kimberlite deposit is one of the largest diamond discoveries in over 50 years. Luele contains an estimated 628 million carats of diamonds and a lifetime of up to 60 years. Proven reserves extend 600 metres deep. The first phase of the investment is around USD 500 million. According to ENDIAMA, production is anticipated to be 20 million carats per year, for a potential annual turnover of USD 2 billion.

KEY PLAYERS: The Luele mine project has five shareholders. The main shareholders are the state-owned Catoca Mining Society (50.5%) and the national diamond company and sole diamond mining concessionaire ENDIAMA (25%). The other three shareholders are Falcon (19.5%), Reform (4%), and the Geological Institute of Angola (1%).

TIMELINE: Prospection began in 2007-2008. The Catoca Mining Society discovered the Luele mine in 2013, and a pilot stage resulted in the mining of 5 million carats of diamonds. Mining operations began in November 2023. The project is expected to last at least 40 years.

TECHNOLOGIES AND BENEFITS: The project’s plant currently has an annual processing capacity of 4 million tonnes of ore and will gradually be increased to 12 million tonnes in the coming years. The mine is expected to employ 1,500 workers.

Read our latest insights on:

• Angola