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Angola's state-owned diamond miner plans IPO for 2022

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Angola's state-owned diamond miner plans IPO for 2022

Angola's state-owned diamond miner ENDIAMA EP plans to offer up to 30% of its shares in a planned IPO in 2022, Bloomberg News reported Feb. 5, citing Chairman Jose Manuel Ganga Jr.

The proposal is part of the government's efforts to improve transparency in the diamond sector and boost production. Angolan Mineral Resources Minister Diamantino Azevedo said the country aims to increase annual diamond production to 14 million carats in 2022 from 9 million carats in 2019, according to the report.

The proposal also comes amid Angola's plan to privatize 195 companies or assets through 2022 to attract investment.

Ganga prefers a listing in Angola but will depend on the advice of the company's bankers, the report said. Bloomberg News noted that the country's stock exchange has no listed companies.

The planned float may also help Endiama subsidiary Sociedade Mineira de Catoca Lda., which aims to raise about US$300 million to advance its Luaxe diamond joint venture with Russia's PJSC Alrosa, the report said, citing Catoca Chairman Benedito Paulo Manuel.

Trial mining at Luaxe is expected to start in mid-2020. The deposit can reportedly produce 1 million carats of diamonds worth US$90 million in 2020.

Endiama also flagged an annual loss of about US$300 million over the past decade from selling diamonds at below-market prices.