Angolan diamond mine says Russia sanctions could hurt operations
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Loading... - Denis Da Silva
- 10 May 2022
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Angola’s state-run diamond miner Endiama could face a hit to its operations as Western sanctions on Russia could delay supplies of parts and machinery, according to a government brochure.
The government publication was made available at the Mining Indaba conference in Cape Town on Monday.
Western nations have unleashed crippling economic sanctions against Russia after Moscow’s invasion of Ukraine in late February.
Endiama, which holds the exclusive concession for diamond mining rights in Angola, has already flagged an almost one-third reduction in diamond output to 10.05 million carats this year, from a forecast 13.8 million carats.
The company expects revenue of about $1.42bn from the sale of its diamonds this year.
“One of the great challenges for 2022 will certainly be to maintain the sustainability of the mines while the war between Russia and Ukraine lasts,” said the government brochure, “since the sanctions that the United States and Western countries have imposed on Russia may affect some national mining companies, delaying the supply of some machinery, parts and spares.”
Endiama has signed contracts with Rio Tinto to explore its Chiri mine in the Angolan province of Lunda Norte, while another project, Luaxe, was also expected to begin pilot production, it added, without providing a timeline. Read More...
