Morning Bites (part 2)

💎Angola has officially opened Luaxe, one of the world's largest diamond deposits, Reuters reports. The initial plan implied launch in 2020, but it was postponed due to Covid-19. The project has an estimated resource base of 628mnct with an average grade of 0.95ct/t and a ~60-year lifetime. During the pilot stage alone, Luaxe mined 5mnct of diamonds. Although the production plan wasn’t disclosed, we estimate that with an initial annual capacity of ~4mnct and the option to increase to ~11.5mnct, the deposit might account for 3-9% of global mined diamonds output in 2022. In our view, this large project was launched at a difficult time for the diamond market, driven by overstocking issues, falling prices and various supply constraints, which might result in protracted mine ramp-up, we believe

#diamonds     
https://metals-wire.com/sector/Diamonds