Monroe Minerals invests US$2.7 million on diamond mining in Cangandala, Angola
[ 2006-05-08
]
Luanda, Angola, 08 May – Canadian mining company Monroe Minerals said it plans to invest US$2.7 million on the first phase of diamond mining in its concession at Cangandala, central Angola.
According to the company, the first phase will be based on assessing the production capacity for alluvium diamonds, with operations in the river basins in the area, mainly in Cuanza and Luando, as well as excavations in the area’s alluvial plains.
The prospecting project, presented in Toronto at the end of last week, includes two further phases; one for assessing the extent of deposits and the last, after carrying out a technical and financial viability study, of air-based surveying to detect kimberlitic deposits.
According to Monroe’s chairman, Derek Moran, Cangandala is "one of the most important diamond concessions in Angola," with “mining potential for kimberlitic and alluvial diamonds," and "is an opportunity for discovering and developing world class diamond mines."
Monroe holds half the capital of the consortium responsible for the concession, with the reminder equally split between Angolan state diamond company Endiama and local company Mineral Star.
The Canadian company is responsible for technical management and financing, and it will pocket 40 percent of proceeds.
The concession area is of 3,000 square kilometers, including 120 kilometers of the Cuanza river. (macauhub)
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