Namakwa and Tecmad sign Mining agreement

Namakwa Diamond, an Australian diamond producer signed a Memorandum of Understanding (MOU) with Angola-based Tecmad Mining Services (SARL), granting it exclusive rights to evaluate and potentially mine the Camutue Associated Diamond Deposits in north eastern Angola.

According to the agreement between Namakwa and Tecmad, Namakwa will have rights to review the entire technical database relating to the Camutue Concessions before sending a team to the site. Namakwa said that it expects the team to depart for the site immediately following the signing of the MOU. Nemakwa will give Tecmad a detailed report on a timeline and budget for the project by January 13.

The Camutue West kimberlite pipe was discovered in 1958 and mining records indicate that a total of 333,673 diamond carats have been recovered to date. The average size was 0.7 carats per diamond and the largest recovered diamond weighed 95.41 carats. Tecmad is entitled to 60% of the profits under a consortium agreement with Angola�s state-owned diamond mining company, Endiama.