Angola’s State-owned diamond company Endiama has signed a joint venture agreement with Rio Tinto over the Chiri diamond concession in the Lunda Norte Province.
Angop news agency reports that the agreement was signed by Endiama chief executive Ganga Júnior, and by Rio Tinto representative, Kennerhbe Tainton.
The joint venture would see Rio Tinto controlling a 75% stake while Endiama will take up the remaining 25%.
“Rio Tinto is one of the best mining companies in the world and whose technical capacity, experience and form of action are of interest to Angola, to add value to the Angolan mining sector, contributing to the increase in diamond production,” minister of mineral resources, oil and gas, Diamantino de Azevedo was quoted as saying.
Meanwhile, Tainton said that Rio Tinto decided to invest in Angola as it has the future of the diamond sector is promising.
The contract, which will last for five years, provides for the possibility of Endiama increasing its stake to 49%.
The concession, which covers an area of 108 km², has the potential to have a life mine of 35 years.
The parties had been negotiating over the concession since April 2019.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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