RAPAPORT… Tango Mining has expanded its portfolio with the acquisition
of a Liberian mine, as well as signing an agreement to finance an alluvial
project in Angola.
The miner has bought an 80% share in the Mano River Project
in Liberia from West Mining. The purchase gives Tango exploration rights on a
104.3-square-kilometer area of the asset.
Additionally, the Canada-based miner has signed a service
agreement with Cooperativa Mineira Do Moquita for the mining and marketing of
diamonds from an alluvial project in Angola, just north of Lucapa’s Lulo mine. Under
the terms of the contract, Tango is responsible for financing the design of the mine, as well as acquisition of equipment and improving the asset’s production.
The miner will receive 60% of the proceeds from diamond sales the project
generates.
Tango also owns the Oena alluvial diamond mine in South
Africa.
Image: Alluvial diamonds by a river
Tango Takes On Two New Mines
The Bottom Line
- Tango Mining acquired an 80% stake in the Mano River Project in Liberia, gaining exploration rights over 104.3 square kilometers.
- The company signed a service agreement to finance and manage an alluvial diamond project in Angola, securing 60% of the diamond sales proceeds.
- Tango already operates the Oena alluvial diamond mine in South Africa, further diversifying its mining assets.
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