Diamond miner Lucapa Diamond Company has reported a 90% increase in its diamond resource carats at its Lulo operation, in Angola, on the back of an independent valuation. Advertisements
The diamond sector in Angola will be reorganised in a similar way to the oil sector, with the privatisation of state-owned companies and the creation of a regulatory entity, said the Minister of Mineral Resources and Oil.
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Angola’s national diamond trading company, Sodiam sold 8.4 million carats of diamonds in 2018, which accounted for revenue of US$1.22 billion, a company executive said on Tuesday in Luanda.
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Botswana Diamonds has undertaken a share placing with existing and new investors to raise £370 000 through the issue of just over 67.2-million new ordinary shares at a placing price of 0.55p a placing share.
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Zimbabwean President Emmerson Mnangagwa is under growing pressure one year after taking office following the removal of long-time leader Robert Mugabe. That pressure may be about to increase if his handling of the diamond industry doesn’t reflect his alleged commitment to economic reform and anti-corruption.
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Zimbabwean miner RioZim is suing the country’s Reserve Bank for $92 million, in a move intended to force it pay for more of its gold purchases from the company in US dollars.
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Zimbabwe expects to earn $12-billion a year from mineral exports by 2023, Mines Minister Winston Chitando said.
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Lucapa Diamond (ASX:LOM) said it supports the recent diamond sector reforms announced by Angola’s government and that it will sell certain select large premium-value diamonds from its prolific Lulo mine through the country’s new marketing channels.
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The restructuring of the mining sector in Angola will improve efficiency and increase its contribution to the national economy, said the Angolan Minister of Mineral Resources and Oil.
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De Beers is allowing its diamond buyers to refuse some lower-quality stones at its sale this week, according to people familiar with the situation.
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