De Beers exploration push into Angola finds eight diamond project targets

De Beers has wasted no time getting its exploration work in Angola up to speed with CEO Al Cook telling delegates to the Angola International Diamond Conference that the group had so far identified eight “high potential kimberlite targets”.De Beers resumed exploration work in Angola in 2022 after the administration of President Joao Lourenco replaced the regime of former president Jose Dos Santos in 2017 and implemented sweeping changes in regulatory practices.De Beers and most other major diamond producers pulled out of Angola in the early 2000’s because of the corruption and nepotism under the Dos Santos regime which made operating in the country extremely difficult.Former De Beers CEO Bruce Cleaver commented in 2022 that “Angola has worked hard in recent years to create a stable and attractive investment environment, and we are pleased to be returning to active exploration in the country.”Driving attraction of Angola is that the country is arguably the most attractive in the world for the discovery of a major new diamond mine while it is also relatively unexplored.Consulting geologist John Bristow told Miningmx in August 2022 that “much of Angola sits on the Central African craton and the African craton structures have been jewel boxes for the discovery of diamonds. Also, Angola has not been explored using modern exploration technology such as high-resolution aeromagnetic surveys.”According to Cook, the eight targets were identified through De Beers “airborne magnetic surveying work” with the group completing all planned airborne electromagnetic surveys across both of its exploration concessions in the first half of 2024.  The work involved two survey aircraft supported by a helicopter.Cook said De Beers had also started airborne survey activity; discovery drilling and ground geophysics on the group’s concession in Lumboma in Lunda-Norte province as well as airborne magnetic surveys on its other concession which is Muconda in Lunda-Sol province.He added, “discovery phase drilling activity, focused on assessing the potential of identified targets, is now fully operational and will continue on the targets with the highest geological potential.”Cook said De Beers was “very pleased to have already identified eight new high potential kimberlite targets in Angola” which he described as “the world’s most prospective region for new diamond deposits.”He added, “alongside this, we are working hard with our partners in Government, both on enhancing the environment for long-term investors in the nation and on making sure we have all the tools in place to realise the socio-economic benefit of diamonds for the country.”Unlike competitor Rio Tinto – which is also prospecting for diamonds in Angola – De Beers has not revealed any details of its new contracts with the Angolan state diamond mining company Endiama but these are likely to be similar to those of Rio Tinto.These are that the foreign mining company will retain absolute control of the projects it develops although JV partner Endiama may be able to increase its initial 25% stake to 49% through further investment.Under Dos Santos the foreign mining company was not allowed to own more than 40% of its own project.  The balance was held by Endiama and other “nominated” Angolan partners. Despite this the foreign company was expected to fund 100% of the capital expenditure up-front.The post De Beers exploration push into Angola finds eight diamond project targets appeared first on Miningmx.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.comWeiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com