Lucapa talks up Angola despite Endiama’s tight grip on control

(miningmx.com) - Australian-listed junior, Lucapa Diamond Company, talked up diamond mining prospects in Angola on the back of the success of its Lulo alluvial diamond mine and the pro-foreign investment stance of new president, Joao Lourenco. Since being elected in September last year, Lourenco has embarked on a campaign to diversify the Angolan economy from its overwhelming dependence on oil as well as promote foreign direct investment into the country. But that has to be a “hard sell” for both Lucapa and Lourenco given Angola’s poor track record in the treatment of foreign mining companies which has resulted in a string of diamond explorers and producers leaving the country over the past decade.