The new Luele pipe in the Luaxe diamond deposit, which is being jointly developed by ALROSA and Angolan government miner Catoca, is likely to produce about one million carats by the end of 2020, according to media reports.

The deposit was discovered in 2013, and after study and evaluation, the partners feel it may turn out to be the largest discovery in the industry in 60 years, a report by news agency Reuters, revealed. The report quoted Vladimir Marchenko, ALROSA’s deputy chief executive in charge of its Africa business, as saying that the deposit could even be “one of the largest in the world”.

The estimates are based on review of a sample of Luaxe’s ore by ALROSA’s specialists. A complete per-feasibility study is yet to be finalised, and the eventual scale and speed of the development of the deposit will be a function of the project’s economics and global demand, the agency stated.

Ore from the deposit will be processed at Catoca’s nearby mine. Catoca, in which Alrosa owns 41%, currently holds a 50.5% stake in the project. Both are discussing the final distribution of Luaxe’s ownership, Reuters said.