In ALROSA Diamond News the company has come to terms with the Angolan national diamond company Endiama. Also, they intend to develop the African nation’s biggest kimberlite mine. For example, it is an estimate that the project could be worth $35 billion. Also, it is speculated that the potential could likely be more than that. Additionally, this took place with local experts in 2013. Additionally, the kimberlite mine is in the Luaxe region of Angola. Furthermore, it has been the subject of negotiations between Alrosa and Angolan officials. Along with and investors during the las several years. An ALROSA employee explains, “If the resources are confirmed, it might be one of the biggest [discoveries of a diamond deposit] in the past 60 years worldwide.”
The presidents of Alrosa and Endiama companies, Sergey Ivanov and Antonio Carlos Sumbula,, signed an agreement recently. The company Endiama is the national diamond company of Angola. Furthermore, Endiama holds the exclusive permits to the mining rights for their domain of diamonds. For example, Endiama produced around 8.55 million carats of diamonds and rough diamonds in 2010. Also, records show that the Endiama made approximately $956 million from diamonds sales in the same year. Selling at around 111.74 per carat.
Additionally, the company plans to expand. Also, the company expects to produce 9 million carats in 2011. Thereby increasing production at its Catoca, Luo and Luana mines. As well as commence production at its Chinge, Capenda and Camulemba diamond mines.
Endiama's primary property is Catoca, which is a joint venture between Endiama (32.8%), Russia based ALROSA (32.8%), China based LLI (18%), and Brazil based Odebrecht (16.4%). Catoca is the seventh largest diamond mine in the world, and is estimated to produce over 7 million carats of diamonds in 2014 worth just under $1 billion. Their intention is to establish Luaxe International Enterprise. Which will manage the mine’s development. This deal comes after Ivanov’s visit to Angola earlier this month. Ivanov took leadership of ALROSA in March. This being one of his first foreign trips since.
The deal between the two companies has come via Catoca. Catoca operates Angola’s biggest diamond mine. This mine is the mine in which Alrosa and Endiama each have a 32.8 percent stake. The Luaxe and the Luele projects will produce Catoca a 50.5% stake. Additionally, Alrosa intends to purchase an additional 8 percent of the mine independently. Furthermore, Alrosa notes its intention to increase its share in Catoca.
ALROSA's new president mentions, “As a specialized investor in the Luaxe [enterprise], Alrosa, which has relevant professional competence, will assume obligations for the new company’s project solutions and technical policy, the total commercial value of the deposit is assessed as over $35 billion.”
A 98.42-carat rough diamond the Letšeng mine in Lesotho has been found by the company Gem Diamonds. Additionally, it is a D-color, type-II diamond. Furthermore, this is a very unique diamond. In June, the company also found an 80.58-carat rough diamond earlier this month. Also, during Gem Diamonds first quarter, the Letšeng mine yielded 25,479 carats of rough diamonds. An 11 percent decline from last year.
CEO of Gem Diamonds Clifford Elphick explains. “It is encouraging that during April and May, there was a notable improvement in the size and quality of diamonds recovered at Letšeng, with the dollar per carat trending positively.” Last year the company also suffered the same fate as this year. Furthermore, diamonds from the Letšeng mine weighing 100 carats or more declined to five in 2016 from 11 in 2015. Additionally, taking their revenue down 24% to $189.8 million. Furthermore, sales in this year’s first quarter are an average price of $1,636 per carat. Lastly, this waa compared with $1,444 per carat in the fourth quarter of 2016.
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