Industry News by Nemesis

Endiama Explores Funding Solutions for Diamond Producers in Angola

April 19, 2020

 

Angolan state-owned diamond mining company, Endiama is exploring viable diamond funding solutions to create liquidity for producers in the southern African country as the Covid-19 pandemic cripples their operations, according to Lucapa. 


The diamond junior, which has a 40% stake in the Lulo alluvial mining company Sociedade Mineira Do Lulo (SML), will be one of the beneficiaries should Endiama succeed.


Lucapa said its partners and Lulo management are working with the authorities to re-commence normal mining activities.


“The kimberlite exploration effort continues at Lulo and we look forward to the upcoming dry season where activities can be scaled and concluding the discussions with the government of Angola in respect of a majority interest for Lucapa,” said the company. 


The kimberlite exploration programme had seen the recovery of 45 diamonds in the Canguige tributary sample, including D-colour and Type IIa gems.


Meanwhile, Lucapa said a care and maintenance and security programme is being implemented at Mothae in Lesotho to ensure the asset is preserved and well positioned to recommence mining operations when the global markets recover.


The company said it remains focused on the health and wellbeing of staff, contractors and stakeholders through the implementation of suitable protocols to minimise the potential transmission of COVID19.

 

Image credit: pixel2013 (Pixabay)

 

Source: Rough&Polished

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