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Canadian company Tango Mining Limited will explore a diamond concession in Angola under a contract signed with Cooperativa Mineira Do Moquita, the company said in a statement issued on Tuesday in Vancouver.
The mining cooperative concession is located 50 kilometres north of Lucapa, in the Lauchimo river basin, in the province of Lunda Norte.
Under the terms of the agreement, Tango Mining is responsible for capital expenditures associated with the preparation and acquisition of equipment to explore the alluvial mine, receiving as compensation 60% of the value of the sale of the extracted diamonds.
Last February, the Canadian company reported it had established a partnership with CC Mining Ltd (CCML), a wholly-owned subsidiary of CC Energy Ltd, of the Consolidated Contractors Company, to develop a diamond mining project in Angola.
Tango Mining Ltd and CCML signed a document pledging US$1.3 million to develop the Txapemba Project, which covers an area of 84 square kilometres in the municipality of Cambulo, in Angola’s Lunda Norte province.
In September 2017, the company announced that it will explore and sell the diamonds extracted in the concession granted to Angolan cooperative Txapemba Canguba, located in the municipality of Cambulo, province of Lunda Norte, with an area of 84 square kilometres. (macauhub)