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New Diamond Mine Exploration Continues.
Reuters reports today that Angola’s state run diamond company, Endiama, has entered into a joint venture exploration partnership with Russia’s diamond company, ALROSA, to explore a new diamond concession in the province of Luanda-Norte. The two companies announced on April 21 that the project, named Cacolo, will survey a 4,000 square km area over a five year period..
As part of the agreement, ALROSA is obligated to invest a minimum of $14 million in the prospecting stage but said that the figure will likely be higher. "Preliminary data shows that the area has very good potential. It holds out lots of promise -- there should be Kimberlite pipes. If we find them it needs $200 million of investment," Alexanda Nichiporuk, president of ALROSA, told Reuters.
Endiama's communications director, Sebastiao Panzo, said that the deal was part of a broader strategy of attracting foreign capital to develop local resources. "Diamond expansion needs more capital. Angola has concessions on the one hand and on the other those who want to invest from the outside,” he said.
Angola's diamond production doubled to seven million carats in 2005 and it is expected to produce over 10 million carats by the end of 2006 as the government expands beyond traditional mining areas. "With diamond production stagnating in many parts of the world, demand is set to grow in East Asia and China especially, Angola's...concessions could be some of the most
Angola's diamond production doubled to seven million carats in 2005 and it is expected to produce over 10 million carats by the end of 2006 as the government expands beyond traditional mining areas. "With diamond production stagnating in many parts of the world, demand is set to grow in East Asia and China especially, Angola's...concessions could be some of the most lucrative in the world," Viascheslav Lapshin, vice president of ALROSA, told Reuters.
Endiama has a majority stake in the venture, ALROSA has approximately 39.5 percent and the remainder belongs to smaller local companies.
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