Image credit: ENDIAMA
Endiama Mining, a subsidiary of Angola's state-owned diamond company Endiama has entered into a joint venture (JV) agreement with Gemcorp, an emerging markets trade and investment group, to develop the Mulepe diamond deposit in Lunda Norte, Angola.
Mulepe, which contains both kimberlite and alluvial deposits, is Gemcorp's first investment in diamond mining in sub-Saharan Africa. Endiama Mining, a subsidiary of Angola's state-owned diamond company Endiama has entered into a joint venture (JV) agreement with Gemcorp, an emerging markets trade and investment group, to develop the Mulepe diamond deposit in Lunda Norte, Angola.
Mining Weekly reports that a pilot mining programme will commence later this year to allow for initial operations and diamond exports.
The JV partners are anticipating that the pilot mining programme will help improve their understanding of the mining operations, the type and quality of diamonds present within the concession, the capabilities of local third-party service providers and value generation potential through diamond sales.
Gemcorp will fund the pilot programme and oversee the operations of the project as the majority shareholder, developer and operator.
The project is expected to process about three-million tonnes a year of kimberlite at full production.
Capital investment of about $150-million will be needed for the project's development.
"Angola is a country full of potential, and this partnership is yet another example of our belief in Angola's economic future," said Gemcorp chief executive Atanas Bostandjiev.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
