Report: Russia’s ALROSA to develop new field in Angola for $1 bln

MOSCOW, Jul 2 (PRIME) -- Russian uncut diamond mining giant ALROSA will invest U.S. $1 billion in the development of the Luaxe field in Angola and expects to produce 10 million carats a year from it, Jornal de Angola reported Thursday, citing ALROSA CEO Andrei Zharkov.

Angola’s Endiama and several other companies will be ALROSA’s partners in the project.

The company also plans to acquire a stake in the Tchiuzo field with investments at $200 million and output of 2.5 million carats.

Zharkov also said that ALROSA, Endiama and Kimberlitos de Angola (Kimang) will jointly invest in geologic exploration of kimberlite pipes. The budget of the project will stand at $15 million for three years.

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