Angola: Lack of Money Hampers Diamond Exploration

Saurimo — Ten companies duly licensed to explore diamonds in various areas of Lunda Sul province are paralyzed due to lack of funds to develop activities.

This was said to Angop on Sunday by the provincial director of Geology and Mining, Gildo Massua.

He said that the companies were expected to carry out concrete projects and conduct more profound feasibility studiese to assess the real conditions for the exploitation of the geological reserves in terms of diamonds.

According him, the Kimberlito that exists in Lunda Sul province is very good, but to be exploited it requires high investments and cutting-edge equipment, unlike the provinces of Lunda Norte and Malanje that can be exploited with normal means.

He advised owners of companies licensed to do so to work with commercial banks to obtain financing for the purchase of machines capable of properly exploiting diamond and other minerals.

He added that the Mining Society of Catoca continues to exploit diamonds through sophisticated means and contributes to the national economy in the development of the province of Lunda Sul and in various sectors.

Gildo Massua stated that the Provincial Directorate of Geology and Mining in Lunda Sul controls 36 cooperatives and only two are in the prospecting phase while the others seek funding to start operating.

See What Everyone is Watching

More From: ANGOP

Don't Miss

AllAfrica publishes around 600 reports a day from more than 150 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.