De Beers Slated to Begin Diamond Exploration in Angola

Post by **PinkDiamond** » Sun Apr 24, 2022 6:09 pm

This one's on DeBeers announcing that they're going to begin exploration for diamonds in Angola, which is a new source for them, although they briefly investigated mining in Angola over ten years ago, with no significant finds so they didn't move forward with their plans, and abandoned the idea of mining in Angola until now. Note that the drill core sample in the photo is from Canada, not Angola as one might expect to be used in the article.

A close-up of a rock core sample from a De Beers Group operation in Calgary, Alberta, Canada. The diamond miner and marketer announced Wednesday that it will begin exploration in a new country later this year—Angola. (Photo © De Beers Group/Credit: Ben Perry @ Armoury Films)

"London—De Beers Group is one step closer to operating in Angola again, having inked an agreement with the government that allows it to look for diamonds there.

The diamond miner and marketer said Wednesday it has signed Mineral Investment Contracts, or MICs, with the Angolan government for two license areas in the northeast quadrant of the country.

The MICs are for the award and exercise of mineral rights covering all stages of resource development, from exploration to mining. They are good for 35 years.

A separate, new joint venture company comprised of De Beers Group and Angola’s state-owned diamond company, Endiama, will hold each concession area.

De Beers will maintain a “substantial majority” (90 percent stake) in the new companies while Endiama will have the ability to incrementally increase its equity share over time, in line with “certain conditions” outlined in the shareholder agreements.

Wednesday’s announcement follows De Beers’ December news that it had applied for permission to look for diamonds in Angola.

According to Reuters, De Beers last operated in the country between 2005 and 2012, carrying out exploration activities but not finding an economically viable deposit to mine.

“The signing of these contracts represents an important milestone in our new partnership with Angola, which is based on a mutual desire to build a thriving diamond sector that delivers meaningful socioeconomic benefit for Angola’s citizens,” CEO Bruce Cleaver said.

“Angola has worked hard in recent years to create a stable and attractive investment environment and we are pleased to be returning to active exploration in the country.”

The world’s two other largest diamond miners, Alrosa and Rio Tinto, already are operating in Angola, though Alrosa’s goods remain under sanction in the U.S.

De Beers said it expects to start exploration activities in Angola this year, pending regulatory approvals.

Diamond mining will take place only if ... "
https://www.nationaljeweler.com/article ... -in-angola