De Beers, which has been exploring for diamonds in Angola in partnership with Endiama, said the country remains highly prospective.
A total of 116 kimberlites had so far been found in the project area, in Lunda Norte province and the quality of the diamonds were said to be better than those mined at the Catoca project.
“De Beers has done extensive exploration work in Angola for a number of years and the country remains highly prospective,” De Beers group head of media relations Lynette Gould told Rough & Polished.
The group was expected to invest over $340 million in Angola, should the project be deemed industrial.
Meanwhile, Gould said De Beers still expected trading conditions in the mid-stream to remain challenging during the second half of 2012.
“Provided there are no unforeseen economic shocks we expect to see moderately positive growth in global diamond jewellery sales for the full year 2012, albeit at relatively modest levels, especially when compared to the exceptional growth levels seen in 2011,” she said.
“In the short term, the US, China, Gulf and Japan are expected to contribute the bulk of the growth, while India and Europe are expected to remain weak.”
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
