De Beers group plans to invest minimum of US$130 million in Angola

12 July 2011

Luanda, Angola, 12 July – South African diamond group De Beers over the next three years plans to invest around US$130 million in Angola’s Lunda Norte province, Angolan state television station, Televisão Popular de Angola (TPA) reported.

TPA cited the director general of the Endiama and De Beers Association, Luís Figueiredo, as saying that if the results of prospecting now underway were positive, De Beers would invest over US$340 million in the project known as Lunda Nordeste.

A total of 116 kymberlites have so far been found in the project’s area and TPA reported that the quality of the diamonds was better than those mined at the Catoca project.

Around 300 people are working on the Lunda Nordeste project where eight probes are in operation, one of which has a drilling capacity of 800 metres. (macauhub)