Angola seals new diamond ventures

LUANDA – Angola’s state diamond mining company Endiama has signed a deal with local and Belgian partners to seek diamond deposits in two areas of the country’s gem-rich Lunda Norte province, the firm said yesterday.

Endiama E.P. has a 39 per cent stake in one joint venture to mine for alluvial diamonds, Belgian company Mac Diamond has 38 per cent and Xilo Cuilo of Angola has a 23 per cent stake, Endiama said in a statement. A second venture to prospect for kimberlite diamond deposits saw Endiama E.P with a 51 per cent stake, Mac Diamond with 43 per cent and Xilo Cuilo with six per cent.Angola currently has just one functioning kimberlite mine in which Endiama has a 32,8 per cent share.Endiama officials have said the company must have a 51 per cent stake in all new kimberlite projects and the largest share in alluvial projects.Illicit diamond sales helped fuel Unita rebels during Angola’s 27-year conflict but since a peace accord in April 2002, foreign diamond mining companies have been drawn back by Angola’s rich pickings.The government has said it expects gross revenue from the sector to exceed US$1 billion (N$6 billion) in 2005.- Nampa-ReutersA second venture to prospect for kimberlite diamond deposits saw Endiama E.P with a 51 per cent stake, Mac Diamond with 43 per cent and Xilo Cuilo with six per cent.Angola currently has just one functioning kimberlite mine in which Endiama has a 32,8 per cent share.Endiama officials have said the company must have a 51 per cent stake in all new kimberlite projects and the largest share in alluvial projects.Illicit diamond sales helped fuel Unita rebels during Angola’s 27-year conflict but since a peace accord in April 2002, foreign diamond mining companies have been drawn back by Angola’s rich pickings.The government has said it expects gross revenue from the sector to exceed US$1 billion (N$6 billion) in 2005.- Nampa-Reuters