De Beers considers multi-billion-dollar diamond mine in Angola
By the AFREEQUE newsroom, based on Mercado
De Beers is considering developing a diamond mine in Angola worth several billion dollars if exploration work confirms the project's viability. The group has already invested more than $30 million in exploration and environmental projects, chief executive Al Cook said after a meeting with João Lourenço.
De Beers is considering moving from exploration to operating a diamond mine in Angola, with an investment that could reach several billion dollars if ongoing work confirms the project's viability. Al Cook, De Beers' chief executive, announced this possibility on Wednesday after an audience with Angolan President João Lourenço in Luanda.
De Beers has already allocated $15 million to exploration in Angola and is investing more than $15 million in sustainable environmental projects in the south of the country, bringing total investments made and under way to more than $30 million. Al Cook said that developing a large-scale mining operation could represent several billion dollars, while linking its implementation to the results of exploration.
The group is now seeking to turn the results of its research into a commercial diamond extraction operation. Al Cook's visit to Luanda coincides with the Conference of the Association of African Diamond Producers and meetings related to the Luanda Accord, focusing in particular on adding value to natural diamonds and positioning them in international markets.
