De Beers signs mining investment deals with Angola diamond firm

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diamond
Diamond

The world’s leading diamond company De Beers and Angolan state-owned diamond firm (Endiama) signed Wednesday a deal that will enable it to invest 33.2 million U.S. dollars for the initial prospecting of primary and secondary diamond deposits located in the country’s northeastern Lunda-Sul and eastern Luanda Norte provinces.

Diamantino de Azevedo, Angola’s Minister of Mineral Resources, Oil and Gas, said the return of De Beers diamond company to Angola demonstrates to the national mining sector and the world that the political and legislative measures implemented by the government are being effective, transparent and attractive to all those interested in a sustainable and responsible way to invest in the country.

The Angolan minister underscored that the signed contracts will have a huge impact on the country’s mining sector since it marks the return of one of the largest diamond companies in the world.

De Beers signed two mining investment contracts for a period of 35 years, five of which are reserved for prospecting, 10 years after the company’s withdrawal from Angola in 2012.

The company will hold 90 percent of the capital of each mining concession with Angola’s Endiama holding 10 percent of each.

De Beers will prospect for primary diamond deposits over an area of 9,984 square kilometers, in the municipalities of Saurimo, Dala and Muconda, in Lunda Sul province, and over an area of 9,701 square kilometers, in the municipalities of Chitato, Lucapa and Cambulo, in Lunda Norte province. Enditem

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