De Beers confident it will find diamonds in Angola

18 January 2013

The De Beers group is confident that it will find a diamond deposit in Angola, which will allow it to recover the US$250 million already spent on prospecting, the group’s delegate in Angola, Pedro Lago de Carvalho said Wednesday in Luanda.

“We have already found diamonds at the Mulepe concession, near Lucapa, in Lunda Norte province, in which the group has a stake of 49 percent and Empresa Nacional de Diamantes de Angola (Endiama) the remaining 51 percent,” said the delegate of the group, which world’s largest diamond producer, according to financial news agency Bloomberg.

The De Beers group left Angola in 2001 after its right to sell diamonds worth US$800 million was revoked and returned in 2005.

“We are confident that we will find diamonds in enough quantity to recover what has already been invested,” said Lago de Carvalho, who added that when a deposit is found a feasibility study would be carried out, which will be followed by negotiation for the respective mining contract.

Angola sold 8.33 million carats of diamonds worth US$1.16 billion in 2011, according to the Kimberley Process, an international treaty involving 54 participants representing 80 countries. The treaty is intended to prevent the sale of so-called blood diamonds, mined in war zones. (macauhub)