Luarica diamond mine
Encyclopedia
The Luarica diamond mine is a diamond
mine
located in Angola
. The mine is owned by a consortium of diamond mining companies, the two largest holders being Endiama
with 38 percent ownership and Trans Hex with 32 percent ownership.
In 2004, the Luarica mine produced about 95,000 carats (19 kg) of diamond from over 632,000 cubic meters of ore
processed. 84,000 carats (16.8 kg) of the production was sold in 2004, at an average price of over $300 USD per carat (1500 $/g), a new high mark for Angolan diamond production.
Probable reserves are 1.3 million cubic meters of ore at an ore grade of 21.6 carats (4.3 g) per 100 cubic meters (43.2 mg/m³). There is a waste rock overburden
of about 9.5 million cubic meters.
Mining operations were suspended in May 2009 due to a decline in diamond demand caused by the late-2000s financial crisis
. Trans Hex announced in August 2011 that it planned to withdraw from its two Angola joint-ventures with Endiama—Luarica and Fucauma
—after failing to reach an agreement with the government of Angola (which owns the other major partner, Endiama). Endiama stated that it planned to restart operations alone.
Diamond
In mineralogy, diamond is an allotrope of carbon, where the carbon atoms are arranged in a variation of the face-centered cubic crystal structure called a diamond lattice. Diamond is less stable than graphite, but the conversion rate from diamond to graphite is negligible at ambient conditions...
mine
Mining
Mining is the extraction of valuable minerals or other geological materials from the earth, from an ore body, vein or seam. The term also includes the removal of soil. Materials recovered by mining include base metals, precious metals, iron, uranium, coal, diamonds, limestone, oil shale, rock...
located in Angola
Angola
Angola, officially the Republic of Angola , is a country in south-central Africa bordered by Namibia on the south, the Democratic Republic of the Congo on the north, and Zambia on the east; its west coast is on the Atlantic Ocean with Luanda as its capital city...
. The mine is owned by a consortium of diamond mining companies, the two largest holders being Endiama
Endiama
Endiama is the national diamond company of Angola and it is the exclusive concessionary of mining rights in the domain of diamonds. Angola's state-run diamond company Endiama produced 8.55 million carats of diamonds in 2010. Antonio Carlos Sumbula is the president of the corporation...
with 38 percent ownership and Trans Hex with 32 percent ownership.
In 2004, the Luarica mine produced about 95,000 carats (19 kg) of diamond from over 632,000 cubic meters of ore
Ore
An ore is a type of rock that contains minerals with important elements including metals. The ores are extracted through mining; these are then refined to extract the valuable element....
processed. 84,000 carats (16.8 kg) of the production was sold in 2004, at an average price of over $300 USD per carat (1500 $/g), a new high mark for Angolan diamond production.
Probable reserves are 1.3 million cubic meters of ore at an ore grade of 21.6 carats (4.3 g) per 100 cubic meters (43.2 mg/m³). There is a waste rock overburden
Overburden
Overburden is the material that lies above an area of economic or scientific interest in mining and archaeology; most commonly the rock, soil, and ecosystem that lies above a coal seam or ore body. It is also known as 'waste' or 'spoil'...
of about 9.5 million cubic meters.
Mining operations were suspended in May 2009 due to a decline in diamond demand caused by the late-2000s financial crisis
Late-2000s financial crisis
The late-2000s financial crisis is considered by many economists to be the worst financial crisis since the Great Depression of the 1930s...
. Trans Hex announced in August 2011 that it planned to withdraw from its two Angola joint-ventures with Endiama—Luarica and Fucauma
Fucauma diamond mine
The Fucauma Diamond Mine is a diamond mine under construction in the Lunda Norte Province of Angola. The mine is owned by a consortium of diamond mining companies, the two largest holders being Endiama with 40 percent ownership and Trans Hex with 35 % ownership....
—after failing to reach an agreement with the government of Angola (which owns the other major partner, Endiama). Endiama stated that it planned to restart operations alone.