The Luele kimberlite was discovered in November 2013. The mine is expected to operate from 2023 to 2083. At least $635.3 million was spent to launch the project.
According to Angola’s Ministry of Mineral Resources, preliminary studies of the geological potential indicate that the amount of ore at the Luele kimberlite is 647 million tonnes, or 628 million carats of diamonds.
Catoca owns 50.5% of the project, Endiama controls 25%, Falcan owns 19.5%, an unnamed pension fund has 4%, and the Geological Institute of Angola controls the remaining 1%.
Meanwhile, a source who wished to remain anonymous told Rough & Polished that the name of the project was changed to Luele from Luaxe, but could not provide a reason for the change.
Another source suggested that recent sanctions on Russian diamonds may have been the reason for the change.
Catoca owned 50.5% of Luaxe, and still owns it through its Luele venture.
Alrosa and Endiama each own 41% of Catoca, while Leviev International-LLI (China) owns the remaining 18%.
Endiama and Alrosa also owned another 8% of Luaxe, but the former now owns a larger stake in Luele, signaling a change in ownership.