De Beers Group has signed two mineral investment contracts with Angola, setting the stage for the miner’s expansive exploration activities following reforms in the country’s diamond sector.

The contracts for licence areas in north-eastern Angola cover all stages of diamond resource development, from exploration to mining, and span a period of 35 years. Each concession area will be held by a separate new joint venture company formed by De Beers Group and Endiama, Angola’s state-owned diamond company. 

De Beers Group will hold a substantial majority in the new companies, with Endiama having the ability to incrementally increase its equity share over time in line with certain conditions outlined in the shareholder agreements, albeit with De Beers Group maintaining a substantial majority.

Bruce Cleaver, CEO of De Beers Group, said, “Angola remains highly prospective and we look forward to being part of this next stage in the development of Angola’s diamond sector.”

Subject to fulfilment of relevant regulatory conditions, De Beers expects to commence exploration activities in the licence areas this year.