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Angola Govt. approved cooperation between companies
Companies will cooperate in prospecting research etc.
By: Diamond World News Service
Feb 25 2008 12:00AM
Reference: 2181  


The Angola government has approved a contract signed between Endiama, Rosa and Petalas – and the Austrian Nare-Diamonds company. The companies wish to come together and cooperate in diamond prospecting, research and the location of diamonds in Lulo, located in the Lunda Norte province. The prospecting and such operations are scheduled to begin once the initial stage of mobilizing the equipment and preparing infrastructure has been completed.
The stake holding in the Lulo project would be, Endiama with 32%, Nare with 40%, and Rosa and Petalas with 28% each. The project is spread over 3,000 sq.m.

Each partner has defined its role in the contract. Endiama will assist with geological and mining data, Nare will bear the costs for the prospecting, research and sampling operations with $2 million invested in the first year and $3 million in the following year. Rosa and Petalas will serve as liaison to public bodies and will maintain security at the sites under contract.
The contract also states that post completion, Nare should be reimbursed with income from the diamond fields that are expected to be discovered.

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