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Angola wants to attract major world diamond companies to the country

Angola is negotiating to attract the main world diamond companies to the country, such as De Beers and Rio Tinto, said the president of the national diamond company Endiama.


"We are working to bring the main diamond companies to Angola, such as De Beers, Rio Tinto. Contacts and negotiations, in some cases are already at an advanced stage", said Ganga Júnior, during a webinar on resilience , sustainability and fiscal perspectives for post-covid-19 in the diamond sector.

The president of the National Diamond Company of Angola (Endiama) spoke of a difficult year for the diamond industry, with declines in production and "totally closed" markets from March, due to the pandemic, which required the adoption of strategies to continue in activity.

In addition to the low production, Ganga Júnior pointed out that, as of March this year, "the diamond market was completely closed".
"Suddenly, we no longer have buying and selling operations, all countries, international financial markets have also closed," he stressed, pointing out in Europe the case of Belgium, but also the Indian market, where more than 90 percent of productions are cut Angolans.

The president of Endiama indicated that Angola wants to position itself by 2022 among the three largest producers in the world, a goal that he admits is now more difficult to fulfill due to the covid-19.

Initial forecasts pointed to a production of more than 10 million carats in 2020, but it was necessary to "make adjustments to the program" due to covid-19, as some mines operated at 20 percent, with the target being reduced to 8.5 millions.

Angola produces between nine to 10 million carats annually, about a third of the largest producers (Alrosa and De Beers).

In order to "substantially increase production levels", Endiama has 25 new prospecting projects "some at an advanced stage of work" and exploring the full potential of some mines that are already in operation.

In 2022, according to the same official, the idea is to partially privatize the company that will become a public limited company.

Endiama, which currently employs around 12,000 people, is also going to dispose of non-nuclear businesses and foresees a significant increase in tax contributions, which are still incipient.

Endiama contributed $ 252 million and $ 328 million to the state coffers in 2018 and 2019, respectively, but expects to increase to nearly $ 1400 million between 2020 and 2022.

The company had revenues of US $ 1266 million in 2019 and estimates global revenues of US $ 1657, 1877 and 2208 million in 2020, 2021 and 2022, hoping to reach 14 million carats this year.


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