Portugal leaves the diamond sector in Angola after a century

4 November 2016

Portugal put an end to a century-long presence in the diamond sector in Angola with the signing of an agreement Thursday in Luanda, which ended the conflict between Angolan state diamond company Endiama and Sociedade Portuguesa de Empreendimentos (SPE).

Signed by the chairman of Endiama, António Carlos Sumbula and his SPE counterpart, Hélder de Oliveira, this document follows another agreement signed by the two parties in November 2015 in Lisbon, which suspended the arbitration and court proceedings involving the two parties.

Under the agreement, SPE, following pecuniary compensation, has handed over to Endiama its 49% share in the Sociedade Mineira do Lucapa company, which also holds stakes in the Camutué, Calonda and Yetwene diamond mines in the province of Lunda Norte.

SPE also passed on ownership tof Endiama of the geological and documentary collection related to prospecting work carried out in these mines by the former Companhia de Diamantes de Angola (Diamang).

Diamang was founded on 16 October 1917 by investors in the then Portuguese colony of Angola, as well as from Belgium, the United States, Britain and South Africa, and was closed on 17 February 1988. (macauhub)