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Angola: Government Formalises Diamond, Prospecting, Research Deal
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Angola Press Agency (Luanda)
11 May 2008
Posted to the web 12 May 2008
Luanda
Angolan Government has formalised the establishment of an association among Endiama, British Canzar Resources, Luboia and Nova Angospencer, for the secondary diamond prospecting, research and recognition in the areas of Luachisse, Bie province's district of Chitembo.
This is printed on the first series of the State Gazette 56 that reached Angop on Sunday. The shares for the parties of the association are as follows: 30 percent for State-owned Edniama, 42 for Cazar Resources (British), 13 for Luboia and 15 for Nova Angospencer (both local).
According to the source that quotes a deal, should the venture reach the exploration stage, the parties will set up a commercial society that will be assigned the exclusive right to explore the secondary diamond deposits.
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Under the deal, Endiama is tasked with providing the association with the geological and mineral data seen as necessary for all concerned operations.
Canzar is bound to make all its investments for prospecting, research and recognition, on own risks and without interest.
In their turn, Luboia and Nova Angospencer are obliged to promote the appropriate environment for a good relationship with the public authorities, as well as stability and security in the area covered by the contract.
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