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Home > Diamond News Center > Diamond News > Mining

Endiama Head: $150M Invested in Diamond Prospecting in Past 6 Years

25.09.11, 12:05 / Mining
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The Angolan delegation to the Kimberley Process
Over the past six years, Endiama – a joint diamond production venture between De Beers and the Angolan government – has invested $150 million in prospecting for diamonds in Angola’s Lunda Norte Province, Endiama administrator Pedro Lago de Carvalho told the ANGOP news agency during the recent Luanda International Mining Fair (FIMA).
 
De Carvalho said that the scope of the investment demonstrated Endiama’s efforts to develop the country’s mining sector, calling the local diamond market “big” despite the fact that relatively few diamond companies were exploring.
 
Meanwhile, a consortium of three private companies has invested some $9 million in diamond exploration in Angola’s Bie province, according to Provincial Director of Geology, Mines, and Industry Dorivaldo Elvas.
 
Elvas, who also spoke at FIMA, said that the companies had been licensed to prospect two years ago but that work had not begun due to the global financial crisis.
 
Angola remains one of the world’s top diamond producers. In 2010, according to Kimberley Process figures, the country produced over 8.36 million carats valued at $976 million.
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