2003

Angola, De Beers Extend Mining Moratorium

April 2003

The State Diamond Mining Company of Angola (Endiama) and De Beers have agreed to extend their moratorium. The two parties are working on the completion of a diamond exploration and mining deal.

"The moratorium had been extended on the basis of the steadily improving relationship between the two parties and continuing good progress with their discussions," says Jose Semedo of Endiama and Gaspar Cardoso of De Beers.

A new deadline for completion of a deal has not been set.

The moratorium agreement was signed on October 2002 and has been extended several times. For the past three weeks the negotiating teams have focused on De Beers’ prospecting proposals in line with that company’s commitment to invest a significant amount of money to cover all stages–from prospecting to mining, and marketing its diamonds world-wide through De Beers’ Diamond Trading Company, according to the statement.