Tango Mining has terminated its service agreement to mine and market diamonds from the Moquita project in Angola.
The company, in September, signed on to finance the alluvial project, which is located just north of Lucapa’s Lulo mine. While it did not own a stake in the project, Tango agreed to provide services to the project’s owner, Cooperativa Mineira Do Moquita, in exchange for 60% of diamond sales.
Tango has also canceled two loans it took to fund the Angolan venture, it said last week. The company did not give any further information on its reasons for the termination.
Tango also owns the Oena mine, in South Africa.
Image: A person holding rough diamonds. (De Beers)