News

Advanced Search

Angola Finds Partner for New Diamond Mine

Feb 14, 2021 7:14 AM   By Rapaport News
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share


RAPAPORT...
Angola’s state-owned diamond company, Endiama, has signed a joint-venture agreement with trade and investment group Gemcorp to develop the Mulepe diamond deposit.

The site, located in the Lunda Norte region of the country, contains significant kimberlite and alluvial deposits, Gemcorp said last week. The companies plan to set up a pilot mining program for Mulepe during 2021 to enable initial operations and diamond exports, and to determine the type, quality and value of diamonds within the concession. Gemcorp will also use the pilot program to test out service providers for the mine.

Gemcorp will spend $150 million on developing and expanding the Mulepe site, it noted. The UK-based investment group, which will hold the majority share in the project and oversee operations, expects to process approximately 3 million tonnes of kimberlite a year and employ 140 workers, mainly from the local community.

Mulepe is Gemcorp’s first diamond investment in Angola. However, the company also runs other Angolan projects, including the Cabinda Oil Refinery.

“Angola is a country full of potential, and this partnership is yet another example of our belief in Angola’s economic future,” said Gemcorp CEO Atanas Bostandjiev. “We are well placed to deliver on this project.”

Image: Rough diamonds. (Endiama)
Tags: Angola, Atanas Bostandjiev, ENDIAMA, Gemcorp, Mulepe, Mulepe diamond deposit, Rapaport News
Similar Articles
Diamcor rough diamonds140Diamcor to Overhaul Facilities at Mine
May 30, 2021
Diamcor is set to expand the processing facilities at its mining project in South Africa, aiming to give output
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2021 by Rapaport USA Inc. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are registered TradeMarks.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.