de beers sıgns exploratıon contracts ın angola

De Beers has inked two exploration agreements with the Angolan government, paving the way for the miner’s return to the African country after a decade-long absence.

The 35-year “mineral investment contracts” are for license areas in northeast Angola, De Beers said last week. They cover all stages from exploration to mining. The company expects to begin exploration activities this year, subject to regulatory approval.

De Beers and Endiama, Angola’s state-owned diamond company, will create new and separate joint-venture companies that will control each concession area, De Beers explained. The Anglo American subsidiary will hold the larger share of the companies, while Endiama will be able to increase its ownership over time in line with certain conditions. De Beers will continue to maintain a “substantial majority,” it said.

According to Reuters, De Beers’ interest in the companies will initially be 90% and Endiama’s will be 10%.

The agreements follow De Beers’ December announcement that it had applied to conduct exploration in Angola in light of the national government’s “substantive and consistent reforms.”

%d bloggers like this: