Diamond Hybrid “Doing for diamond what cultured did for pearl."
LIBERIA: Former rebel fighters dig for diamonds

De Beers to re-enter Angola after four years

Diamond giant De Beers will re-enter Angola, the world's fifth biggest diamond producer, after sealing a deal with Angolan state gem firm Endiama to form a joint venture, the companies said on Friday.

De Beers, the world's largest diamond producer, plans to build on "significant discoveries" made during previous exploration from 1996 to 2000, Richard Napier, head of new business, told Reuters.

"It's certainly our desire to move very quickly to try to bring something to discovery as soon as we possibly can," he said.

De Beers left the country in 2001 following the breakdown of an agreement with Endiama, but the two sides reached a settlement at the end of last year following arbitration, creating the foundation for the current deal to be signed.

De Beers, 45 percent owned by mining conglomerate Anglo American Plc, spent $32 million during its previous exploration programme and the firm would probably spend more than that in a shorter period this time, Napier said.

"It'll probably be over shorter time periods, because the work we will be doing will include significant drilling programmes over some of the kimberlites that were brought to discovery during that earlier programme," he said. Kimberlites are a common host rock for diamonds.

Read the rest of the story at https://www.reuters.co.za/locales/c_newsArticle.jsp?type=businessNews&localeKey=en_ZA&storyID=8629080


Feed You can follow this conversation by subscribing to the comment feed for this post.

Verify your Comment

Previewing your Comment

This is only a preview. Your comment has not yet been posted.

Your comment could not be posted. Error type:
Your comment has been saved. Comments are moderated and will not appear until approved by the author. Post another comment

The letters and numbers you entered did not match the image. Please try again.

As a final step before posting your comment, enter the letters and numbers you see in the image below. This prevents automated programs from posting comments.

Having trouble reading this image? View an alternate.


Post a comment

Comments are moderated, and will not appear until the author has approved them.

Your Information

(Name is required. Email address will not be displayed with the comment.)