According to an executive decree from the Ministry of Mineral Resources, Oil and Gas, "the project promoters were not able to mobilize the technical-financial resources to make the project viable, within the legally established time".
At issue is a concession in the town of Quitapazunzo, in the provinces of Lunda Norte, Lunda Sul and Malanje, the contract for which had been awarded in 2019 to the state-owned diamond company, the London-based company Pan African, and Kutululuca (no information available on the internet ).
According to the Mining Code, non-compliance with legal obligations and the resulting technical-economic unfeasibility of the project are grounds for termination of the contract and revocation of licenses.
The holders of these rights are also obliged to "repair any damages caused in the exercise of mining rights, as well as to comply with other obligations arising from the exercise of mining activities".
