Tuesday, November 19, 2013

Diamond Mining of Angola

Angola, the world's fourth-largest diamond producing country by value and sixth by volume, could regain record production levels enjoyed before 2002 thanks to its new mining law and higher quality diamonds, says a new study.
Angola’s diamond industry, which began a century ago under Portuguese colonial rule, is successfully emerging from a long period of difficulty as a result of a civil war that ended in 2002.

The country’s production volume has remained relatively stable at 8 million carats per year since 2006.
Over the last five years, while production remained fairly steady at the Catoca mine – the world’s fourth largest diamond mine in which Russia’s Alrosa is a joint venture partner – the impact of the financial crisis slowed production across the country and prompted international mining companies to abandon their operations. That trend is now starting to reverse.

Angola is also known for its significant gold and oil reserves.