Angolan President João Lourenço is set to open the Luele diamond project today in Lunda Sul province, approximately 35km from Saurimo.
The Luele kimberlite was discovered in November 2013.
Angola’s mineral resources ministry said preliminary studies of the geological potential show that the Luele kimberlite has an ore quantity of 647 million tonnes that will result in the production of 628 million carats.
The mine is projected to run from 2023 to 2083.
At least $635.3 million was spent to get the project up and running.
Catoca owns a 50.5% stake in the project, Endiama controls 25%, Falcan owns 19.5%, an unnamed pension fund has a 4% shareholding, and the Geological Institute of Angola controls the remaining 1%.
Meanwhile, a source who preferred anonymity told Rough & Polished that Luele changed its name from Luaxe but could not tell why.
Recent sanctions on Russian diamonds could have motivated the change, another source said.
Catoca owned a 50.5% stake in Luaxe, which it still owns in Luele.
Alrosa and Endiama own 41% of Catoca, respectively, while Leviev International-LLI (China) holds the remaining 18%.
Endiama and Alrosa each held another 8% stake in Luaxe, but the former now owns a bigger stake in Luele, which demonstrates a change in ownership structure.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
