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Angola: Diamond Industry Expects Poor Results in 2023

Angola expects poor financial results in the diamond sector this year, because production is not being sold as it should be, the chairman of the Board of Directors of Endiama, José Ganga Júnior, said on Friday.

According to Ganga Júnior, India, which is the main market, which receives more than 90% of Angola’s production, has closed the purchase of diamonds until December 15, 2023.

“We’re producing, we don’t stop, but we’re not selling as we should. Still, we have to be resilient and hold on, that’s why this year the results will not be very good.”, Ganga Júnior explained. He added that companies are struggling at the moment.

There are currently 16 companies operating in the Angolan market linked to diamond exploration and around 41 prospecting projects.

José Ganga Júnior announced it on the sidelines of the joint workshop between Endiama-E.P and the National Space Programme Management Office (GGPEN) to use the communication services of the ANGOSAT-2 satellite, held today in Luanda.

At the workshop aimed at mining companies, a space technology called TECH-MINAS was presented, which offers solutions to the mining industry for accurately locating minerals, generating alerts and monitoring industry activity.

“In the past, some companies had to subcontract services from abroad to obtain geological information,” said the president, stressing that now geological data can be obtained in the country and paid for in national currency – the Kwanza, which is cheaper and does not require foreign currency.

He emphasised that Endiama is already using TECH-MINAS in its mining projects such as Sacamanda and Luachimbo.

As for satisfaction, he said that Endiama covers 100% of the needs, “so it’s an important tool for economies and for us to be more efficient. We are transmitting this knowledge to all mining companies so that they can evaluate it and also use it, since it is available,” the source said.

When asked about the situation of panning in the country, he said that it has to be fought and this tool allows, even from office, to see where there is illegal mining, its incidence, and how to combat. “It’s also one of the objectives to use it in this area as well,’ he said.

He said that panning is damaging to companies and to the concessionaire, because it is horrible and must be combated.

Regarding the money involved in the illegal mining trade, he said that it was still large and significant, but he couldn’t quantify it exactly.

Endiama E.P. is a national company, founded on 15 January 1981, dedicated to prospecting, exploring and selling diamonds.

Source: allAfrica