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Angola Approves IGE Contract

Jun 25, 2010 9:13 AM   By Jeff Miller
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RAPAPORT... IGE Resources received government approval for its Luxinge diamond project in Angola, which is based on estimated resources of 1.1 million carats and allows for the sale of 8,000 carats that are already in stock. IGE signed a mining contract with Endiama and is moving forward toward diamond production.

The mining contract stated that IGE will be the major shareholder of a new  company for the Luxinge operations, will generate revenues from this subsidiary and recover initial prospecting investments over the next two years.

IGE's chief executive officer (CEO), Tomas Fellbom, said, “This is a major milestone in developing IGE’s diamond activities in Angola. Luxinge will be our second diamond-producing operation and we expect to see revenues from the mine already in the third quarter. The Luxinge stones are of a lower dollar per carat value compared to other projects in our portfolio. The company will now assess and implement the appropriate strategies and operating procedures at Luxinge in order to maximize value.”

The junior mining company claims that it has verified and estimated its resource base at 13.5 million carats and holds mining projects across Angola, South Africa and the Democratic Republic of the Congo (DRC).

LH

Tags: Angola, ENDIAMA, Government, Jeff Miller, NGO, Production, South Africa
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