Ver Angola

Raw Materials

The country's largest diamond project will generate revenue to stimulate development

The Luele diamond project – located in Lunda Sul and whose inauguration took place this Monday – becomes the largest diamond project in the country, and will contribute to the generation of revenue to stimulate economic development.

: Facebook CIPRA
Facebook CIPRA  

At the time, the President of the Republic considered that, "in terms of contribution to the State's coffers, it will be quite large".

"We are talking about what, from now on, will be the largest diamond project in the country. Therefore, this means that, in terms of contribution to the State's coffers, it will be quite large. And in this way, these resources will be used for the development of our country", said João Lourenço, quoted in a statement from CIPRA, to which VerAngola had access.

The head of state also said that, "after oil, diamonds represent the country's second largest source of income". However, he added, the Government wants to "diversify the economy, so as not to depend exclusively on the extraction of mineral resources, and develop other additional economic sectors that can benefit from revenues from the mining sector".

Regarding reforms in the sector, João Lourenço said that the "changes were fundamental to attract private investment", having mentioned the return of De Beers, as well as "the entry, for the first time, of Rio Tinto, into the national market as positive examples".

He also said he believes that the country's adherence to the Extractive Industries Transparency Initiative "is a step that encourages investors."

"I believe that the step taken by Angola to join the so-called Extractive Industries Transparency Initiative is a step that encourages investors, as, from now on, we will be under greater scrutiny from that same international organization", he said, quoted in the statement.

Among other aspects, the note adds, the President of the Republic also spoke about the social responsibility of companies in the mining sector, having highlighted the "obligation of these organizations to dedicate part of their revenues to social responsibility, to benefit the surrounding communities".

On the occasion, the head of state indicated the Catoca Project "as a reference in social responsibility and praised the support given to local schools, providing meals and school supplies, and other types of assistance to students".

"The Luele Project is following the same path, with the recently laying of the first stone for the construction of social housing for the surrounding communities and other companies must do the same, according to João Lourenço, under penalty of being penalized", it reads in the note.

João Lourenço also said that we have to "discourage the avoidance of social responsibility": "We have to discourage the avoidance of social responsibility, on the one hand. But, on the other hand, we must also have the common sense to seek to find a balance. There are situations in which the project has barely started and the communities are already making demands, some of which we can say are unrealizable. Therefore, there has to be dialogue and a middle ground is found, under penalty of also ending up killing the project itself", he stated, mentioned in the statement.

Regarding employment, the head of state "recognized that there is still a lot of work to be done", despite progress being made, and guaranteed that the "State and private sector companies will continue to work to gradually increase supply".

It is recalled that João Lourenço traveled, on Monday, to the province of Lunda Sul, for a two-day visit. During his stay in the province, the highlight was the inauguration of the Luele diamond project.


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