Angola Waiting: The Story of the Fucauma Diamond Mine

Fucauma, located in the Lunda Norte province of Angola, is a diamond mine under construction. The owners with the largest holds once exploration started were Endiama (40%) and Trans Hex (35%).

A feasibility study and drilling completed in 2004 resulted in a plan to invest $15 million in expanded operations in the mine. According to Rough & Polished, Fucauma was expected to produce approximately 480,000 carats over a four-year period, providing earnings of $70 million. However, the global economic crisis of 2009, which resulted in a reduced demand for rough diamonds, brought mining operations to a halt in that year. In 2011, Trans Hex withdrew from the mine, and Endiama announced that it will restart operations alone.

According to Rough & Polished, in 2013 Endiama and ALROSA signed a joint-exploration agreement, which was set to begin in Angola’s Luarica and Fucauma diamond mines in 2014.