Mining

Angola: Tango Mining commissioned to operate Moquita diamond mine

Friday, 14 September 2018 18:25
Angola: Tango Mining commissioned to operate Moquita diamond mine

(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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