South Africa’s De Beers invests in diamond exploration in Angola

29 October 2007

London, United Kingdom, 29 Oct – De Beers, the world’s largest diamond company, said Friday it planned to invest US$25.4 million in mining projects in Angola, where it is planning to open up new mines.

In a statement, the company said that the results of exploration over the last few years in Angola and the Democratic Republic of Congo was “promising” and that “a certain number of mines” would be opened if work currently underway verifies their “economic and social feasibility.”

The investment outlines for this year in Angola is more than double that of two years ago; US$11.8 million.

At the beginning of the year, De Beers was granted three new concessions from Angolan diamond company Endiama, covering an area of 3,000 square kilometres each, next to its Lunda Nordeste concession.

Recently, Angola’s Geology and Mining minister, Manuel Africano, said that the Angolan state this year would net some US$1 billion from diamond sales, via Endiama, and between US$100 and US$150 million in tax revenues from the sector. (macauhub)