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Catoca to Commence Zimbabwe Diamond Exploration in 2014
Oct 30, 2013 5:02 AM
By Deena Taylor
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RAPAPORT... Angola-based diamond mining company Catoca will begin diamond exploration in two Zimbabwe fields in 2014.
Catoca's decision to start exploration in Zimbabwe follows a mining agreement signed by the two countries on October 28, Angop reported. The agreement will see Angola provide research, exploration, technical and technological support to Zimbabwe's mines and mineral sector.
"Angola has a mining tradition that is now undergoing great growth and some experience in external investments which we want to extend to Zimbabwe," Angop cited Angola's geology and mines minister Francisco Queiroz as saying.
Queiroz noted that the agreement could pave the way for Angola to explore other minerals besides diamonds in Zimbabwe.
Catoca's shareholders include Angola’s state mining company, ENDIAMA, and Russian miner ALROSA, which each hold a 32.8 percent stake in the mine. Lev Leviev’s China-based LLI Holding owns 18 percent and the Brazilian company Odebrecht maintains a 16.4 percent stake.
In 2012, Catoca sales represented 86 percent of Angola’s total rough diamond sales by volume and 64 percent by value.
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Tags:
Angola, Catoca, Deena Taylor, diamond, diamond exploration, Zimbabwe
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