BHP sees signs of Angola diamond find

KALGOORLIE – BHP Billiton said yesterday it was finding tell-tale signs of a big diamond find in Angola, where it prospecting in partnership with the government.

“We now have found 50 kimberlite pipes – rocks that hold diamonds – at one of our projects there, Alto Cuilo,” Ian Maxwell, BHP Billiton’s vice president of exploration, said on the sidelines of a mining conference. BHP Billiton has entered into joint venture with Petra Diamond Ltd.over the Alto Cuilo project.Under the partnership, BHP Billiton can spend up to US$60 million on the project to earn a 75 per cent share of Petra Diamonds Alto Cuilo, which is Petra’s vehicle for the project in cooperation with the Endiama, Angola’s official representative in the diamond industry.BHP Billiton already mines about four per cent of the world’s diamonds from its Ekati lode in Canada.”Some of those pipes are larger, significantly larger than for instance you would find in Canada,” Maxwell said.”We have rivers and streams draining some of these deposits where we have recovered very good quality diamonds,” Maxwell said.”So far, the company had no idea of the grade, or purity, of the diamonds, he said.”This may turn out to be nothing or it may turn out to be something interesting,” Maxwell said.Nampa-ReutersBHP Billiton has entered into joint venture with Petra Diamond Ltd.over the Alto Cuilo project.Under the partnership, BHP Billiton can spend up to US$60 million on the project to earn a 75 per cent share of Petra Diamonds Alto Cuilo, which is Petra’s vehicle for the project in cooperation with the Endiama, Angola’s official representative in the diamond industry.BHP Billiton already mines about four per cent of the world’s diamonds from its Ekati lode in Canada.”Some of those pipes are larger, significantly larger than for instance you would find in Canada,” Maxwell said.”We have rivers and streams draining some of these deposits where we have recovered very good quality diamonds,” Maxwell said.”So far, the company had no idea of the grade, or purity, of the diamonds, he said.”This may turn out to be nothing or it may turn out to be something interesting,” Maxwell said.Nampa-Reuters