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The future for synthetics lies in that it has become possible to grow a stone you want and make what you want out of it

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23 august 2021

ALROSA plans to begin mining at Luaxe project in Angola in 3 – 4 years

06 september 2016
ALROSA expects to begin diamond production at the Luaxe diamond project in Angola within 3 - 4 years, according to the company's president Andrei Zharkov, Prime news agency reports.
Capital investments in Luaxe project during its mine life is estimated at $1 billion. It needs investment of $200 - $300 million to begin production, which is expected at 10 million carats of diamonds per year.
"This is a very large diamond field, so it will be developed slowly, most likely in two or three stages. First, it will be developed block by block. We may start to produce diamonds from one of the blocks in 3 – 4 years," – Zharkov said.
"Now there is a further exploration. After that, we will begin to develop the project and start its construction," – he added.
According to Zharkov, a legal entity (the project's operator), which will belong to several parties, has not yet been created. "I think we will negotiate and probably will revaluate our shares. It is possible that we will seek a greater share," – he says.
Catoca produces diamonds in the Lunda Sul province of Angola. The main participants of the company are ALROSA (32.8%), the Angolan state company Endiama (32.8%) and other shareholders.
"A controlling stake of 50% will belong to Angola. Endiama expects that it will have a 30-percent stake in the project, the rest of (these 50%) will be distributed among other Angolan companies. We expect that the other 50% will mostly belong to ALROSA, and some shares will be owned by our partners in Catoca," – Zharkov said earlier.