The plan is part of a large privatization program launched by the government in 2019. It entails offering 5 to 10% of Endiama on the exchanges in the first phase.

Angola is considering a dual listing of state diamond company Endiama on the local stock market and abroad, Reuters reported on Tuesday, February 7, citing Angolan Minister of Mineral Resources Diamantino Azevedo.

On the sidelines of the mining event Mining Indaba, Diamantino Azevedo explained that Angola would seek a foreign listing for Endiama after its listing at home.  "The plan to privatize Endiama is still on the table and the government will opt for an IPO of the company after it is restructured. Our goal is to list up to 30%, but we will start with perhaps 5 or 10%," he added.

Endiama's IPO is part of a broad privatization program launched by the Angolan government in 2019. The program also includes the listing of part of the national oil company, Sonangol.

However, the sanctions imposed by several Western countries on the Russian diamond giant Alrosa in the wake of Russia's invasion of Ukraine have delayed the implementation of this privatization program. The said sanctions have harmed the activities of Endiama, which operates diamond deposits in Angola in partnership with Alrosa. Azevedo indicated that the sanctions are impacting Endiama but he did not quantify the negative impacts they had on the state mining company.

According to a document distributed by Endiama at the mining conference, the company's 2022 production remained almost stable compared to 2021. At 8.75 million carats, it was below the 10.05 million carat target previously announced by authorities.

According to the same document, the Angolan diamond company's production is expected to reach 12 million carats in 2023 and 14.5 million in 2024.