Sunday, November 3, 2013

Namibia Getting Ready To Start Digging For Diamonds

It is already the biggest offshore diamond mining nation in the world, but now the Namibian government has also shown it is keen on its advancing its land-based mining industry as well, and to that end has secured international partners to begin exploration for precious gems, metals, and other minerals. The state-owned investment firm Epangelo announced that it had established joint ventures with close to twenty firms that would search for rough diamonds, uranium, copper, gold, zinc and rare earth metals.
In 2011, three years after it was established, Epangelo was granted the exclusive right to explore for resources in Namibia. But unlike in Zimbabwe, where all mining firms must be at least half-owned by locals, Epangelo is willing to grant majority shares to its international partners, according to the firm's managing director Eliphas Hawala. Handover of the reins of the JV's is contingent on meeting certain milestones, including a commitment to finance the projects and bring them to commercial production

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