Canadian company Tango Mining Limited will prospect and market the diamonds extracted from the concession granted to the Angolan cooperative for the semi-industrial exploration of diamonds Txapemba Canguba, the company said in a statement released on Monday.
Under a three-year contract, the Canadian company will be responsible for capital expenditures related to preparing the mine and the acquisition of equipment. It will be the sole operator of the concession, receiving in 60% of the value of the sale of the extracted stone in return.
The Txapemba Canguba concession, located in the municipality of Cambulo, Northern Lunda province, covers an area of 84 square kilometres. It was awarded by the Angolan government last August, under orders from Minister of Geology and Mines, Francisco Queiroz.
Tango Mining Limited is involved in mining activities in South Africa where, through subsidiaries, it explores thermal and metallurgical coal deposits with an annual production of 6.5 million tonnes, holding a stake in the Oena diamond mine, an alluvial deposit in Cape Province. (macauhub)