RAPAPORT… Tango Mining has terminated its service agreement to mine
and market diamonds from the Moquita project in Angola.
The company, in September, signed on to finance the alluvial project, which is located just north of Lucapa’s Lulo
mine. While it did not own a stake in the project, Tango agreed to
provide services to the project’s owner, Cooperativa Mineira Do Moquita, in
exchange for 60% of diamond sales.
Tango has also canceled two loans it took to fund the Angolan venture, it said last week. The company did not give
any further information on its reasons for the termination.
Tango also owns the Oena mine, in South Africa.
Image: A person holding rough diamonds. (De Beers)
Tango Pulls Out of Angola Diamond Venture
The Bottom Line
- Tango Mining terminated its service agreement with Cooperativa Mineira Do Moquita to mine and market diamonds from the Moquita project in Angola.
- The agreement, signed in September, involved Tango providing services in exchange for 60% of diamond sales without owning a stake in the project.
- Tango canceled two loans taken to fund the Angolan venture and provided no further details on the termination reasons.
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