De Beers Returns to Angola after 10 Years

Deal with Endiama entails De Beers to 35 years of exploration rights
De Beers Returns to Angola after 10 Years

De Beers Group has signed two mineral investment deals with Endiama, the national diamond company of Angola. Angola is the third largest producer of diamonds in Africa and was the seventh biggest producer of rough diamonds in the world in 2020; De Beers has entered Angola after almost a decade when it left the country in 2012. With the signing of this deal, the group has gained exploration rights for 35 years in the Northeast of the country. Each exploration concession will have a separate joint venture, with the majority of shares held by De Beers, with an option for Endiama to increase its share. It was in 2018 that Angola initiated a series of reforms, to increase the appetite of foreign investors to tap into the huge potential in regards to diamond mining in the country.

Bruce Cleaver, CEO, De Beers said, “Angola has worked hard in recent years to create a stable and attractive exploration in the country, and we are pleased to be returning, after ten years of absence,  to active exploration in the country.”

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