Escom Mining to invest US$750 million in Angola

22 January 2010

Luanda, Angola, 22 Jan – Escom Mining plans to invest US$750 million in the diamond sector in Angola, by 2014, added to the US$430 million invested since 2001, the Espírito Santo group company said Thursday in Lisbon.

According to the statement from the company cited by Angolan news agency Angop, with this new amount investments in Angola will total US$1.43 billion, which includes US$250 million used for the construction of three hydroelectric dams – Samuela, Camanenga and Luapasso, in Lunda Norte province.

Currently Escom Mining is involved in several concessions, including the Luó project, which is in its exploration phase, and others in the prospecting phase, some of which with proven potential to launch production very soon.

Escom Mining started operating in Angola in partnership with the world’s biggest players in the diamond industry – Alrosa and later BHP Billiton, which left the Angolan market due to the world financial crisis. (macauhub)