De Beers Group today announced it has signed two Mineral Investment Contracts (MICs) with the Government of Angola for licence areas in north-eastern Angola. The signing of the MICs follows the announcement in late 2021 that De Beers had applied to explore in Angola following substantive reforms in the country’s diamond sector.
The MICs for the two licence areas are for the award and exercise of mineral rights covering all stages of diamond resource development, from exploration to mining, and span a period of 35 years. Each concession area will be held by a separate new joint venture company formed by De Beers Group and Endiama, Angola’s state-owned diamond company. De Beers Group will hold a substantial majority in the new companies, with Endiama having the ability to incrementally increase its equity share over time in line with certain conditions outlined in the shareholder agreements, albeit with De Beers Group maintaining a substantial majority.
Bruce Cleaver, CEO, De Beers Group, said: “The signing of these contracts represents an important milestone in our new partnership with Angola, which is based on a mutual desire to build a thriving diamond sector that delivers meaningful socioeconomic benefit for Angola’s citizens. 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. Angola remains highly prospective and we look forward to being part of this next stage in the development of Angola’s diamond sector.”
Following the signing of the MICs, and subject to the fulfilment of relevant regulatory conditions, De Beers Group expects to commence exploration activities in the licence areas this year. Any resource development beyond exploration will depend on the outcome of exploration activities and the economic potential of the diamond deposit. Our FutureSmart Mining™ programme, which brings together innovative technologies and approaches to deliver improved sustainability outcomes, along with De Beers Group’s Building Forever sustainability framework, will underpin all stages of resource development, including exploration.
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About De Beers Group
Established in 1888, De Beers Group is the world’s leading diamond company with expertise in the exploration, mining and marketing of diamonds. Together with its joint venture partners, De Beers Group employs more than 20,000 people across the diamond pipeline and is the world’s largest diamond producer by value, with diamond mining operations in Botswana, Canada, Namibia and South Africa. Innovation sits at the heart of the De Beers Group strategy as it develops a portfolio of offers, including its jewellery houses, De Beers Jewellers and De Beers Forevermark, and other pioneering solutions, such as diamond sourcing and traceability initiatives GemFair and Tracr. De Beers Group is committed to ‘Building Forever,’ a holistic and integrated approach for creating a better future – where safety, human rights and ethical integrity continue to be paramount; where communities thrive and the environment is protected; and where there are equal opportunities for all. De Beers Group is a member of the Anglo American plc group. For further information, visit www.debeersgroup.com.