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Mining

Angola: Tango Mining commissioned to operate Moquita diamond mine

Friday, 14 September 2018 18:25

(Ecofin Agency) - This week, the TSXV-listed company Tango Mining, announced that it concluded an agreement with Cooperativa Mineira Do Moquita to take care of exploitation and commercialization of Moquita diamond mine in Angola.

The 147-km2 mine is located in Lunda Norte at about 50 kilometers from Camútuè kimberlite deposit. According to the terms of the agreement, Tango mining will take care of the expenses related to the equipment designing and acquisition as well as the production’s processing. By doing this, it will receive 60% of the funds generated from the production’s sales.

Tango Mining indicates that it will fund these activities thanks to a $500,000 loan granted CC Mining Ltd. It also operates in South Africa at Oena diamond mines and in Botswana at Middlepits mines. This week, it announced that it acquired Mano River mine in Liberia.





 
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ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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