Global diamond company De Beers signed an agreement with three Angolan state-owned companies for diamond exploration and production on Tuesday. The company plans to complete airborne surveys and conduct discovery drilling and testing of new kimberlite targets in 2024.
Signed between De Beers; Angolan state-owned diamond company ENDIAMA; Angola’s National Agency of Mineral Resources; the national diamond trading company of Angola Sodiam; and the Institution of Geologists in Angola, the Memorandum of Understanding (MoU) outlines how De Beers will work with the government and various state-owned enterprises to ensure parties have the best possible processes for sorting and processing diamonds in Angola.
“What we are doing here is a step forward for the cooperation for the nation of Angola and De Beers. Angola continues to set an example as a country that has reformed its prospects through enhanced transparency, adoption of internationally recognizes best practices and a business-friendly investment environment,” said De Beers Group CEO, Al Cook.
The agreement will also see a review of several kimberlite deposits to determine economic attractiveness; promote transparency and traceability of diamond production; and will identify opportunities for local capacity development.
“This is a strategic partnership with the objective of increasing diamond production in Angola to contribute towards the socioeconomic development of our country,” said José Manuel Ganga Junior, CEO of ENDIAMA.
The MoU expands upon two preexisting Mineral Investment Contracts (MIC) inked in 2022 with Angola, pertaining to license areas in the north-western region of the country. These MICs delineate the terms governing the allocation and utilization of mineral rights throughout the entire spectrum of diamond resource development for a duration spanning 35 years.
De Beers Senior Exploration Manager Mike Roberts added that, “The MoU is a reflection of our long-term strategy and a result of the reforms and changes implemented by the Angolan government, particularly through H.E. Diamantino Azevedo and his team. Looking ahead in 2024-2025, De Beers is focused on Angola. The Angolan projects are our flagship projects…”
