ANGOLA’S LUAXE DIAMOND MINE TO PROVIDE BOOST TO NATIONAL ECONOMY

SAURIMO, ANGOLA– The Luaxe diamond mine located in Lunda Sul Province in northeastern Angola is set to boost efforts to diversify the oil-dependent national economy, says Mineral Resources and Oil Minister Diamantino de Azevedo.

Speaking to the media in this provincial capital Wednesday after a visit to the mining area, he said that apart from increasing the national income, the start of operations of the Luaxe mine would reduce unemployment in Lunda Sul, which currently stands at about 80 per cent, and affecting mostly young people.

The Minister urged the Catoca Mining Company and State-owned diamond trading company Endiama EP to start the mine-related works as quickly as possible to fully exploit its potential.

He said the Luaxe mine is part of diversification strategy of mining activities which the government is pursuing to foster and stimulate the exploration of natural resources in Angola.

The Luaxe mine has an estimated reserve of 350 million carats of diamonds. Geological prospecting and geophysical survey work began in 2008.

Source: NAM NEWS NETWORK