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De Beers inks mining investment deals with Endiama

Diamond company, De Beers and Angolan state-owned diamond firm, Endiama have inked mining investment deals. Diamantino de Azevedo, Angola’s Minister of Mineral Resources, Oil and Gas, confirmed the report and said the agreement was signed following the return of De Beers after ten years since they left the southern African country.

According to the minister, the return 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.

Contract

The signed contracts will enable an investment of US $33.2M into the initial prospecting of primary and secondary diamond deposits located in the country’s northeastern Lunda-Sul and eastern Luanda Norte provinces.

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% 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.

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