Ver Angola

Raw Materials

Endiama and Gemcorp sign 100 million financing contract for Luaxe

The Angolan National Diamond Company (Endiama) and Gemcorp signed a financing contract to start mining the kimberlite Luele, in the Luaxe concession, budgeted at 100 million dollars.


In a note, to which Lusa had access, Endiama says that the initial amount of the contract "marks the completion of a long negotiation process" that aims to ensure the payment of costs related to the completion of technical and economic feasibility studies.

The diamond company also affirms that the execution of the contract should "leverage the mining project and the necessary equipment to carry out the experimental start-up, with the operation scheduled for two years".

The chairman of the Board of Directors of Endiama, Manuel Ganga Júnior, and the executive chairman (CEO) of Gemcorp, Atanas Bostandjiev, were the signatories of the agreement.

The Luaxe mining project is located between the provinces of Lunda Norte and Lunda Sul, the largest diamond producers in eastern Angola, with an extension of about 1195 square kilometers.

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