R/€ = 16.29 Change: 0.00
R/$ = 14.36 Change: 0.04
Au 1239.61 $/oz Change: 1.54
Pt 785.79 $/oz Change: -6.74
 
 
R/€ = 16.29 Change: 0.00
R/$ = 14.36 Change: 0.04
Au 1239.61 $/oz Change: 1.54
Pt 785.79 $/oz Change: -6.74
 
 
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Tango’s African diamond focus grows

14th September 2018 BY: Schalk Burger
Creamer Media Senior Contributing Editor

TSX-listed Africa-focused Tango Mining on Thursday reported production since January of 941 ct of high-value diamonds from its Oena diamond mine, in the Western Cape.

It also reported on progress at further diamond exploration projects in Angola, Liberia and Botswana.

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During the course of the year, subsidiary ASM acquired an additional pan plant with a 120 t/h capacity to be used to process tailings left on site at Oena from previous mining operations.

Tango’s mining contractor, Bluedust 7, employs 36 people and ASM employs eight people on site.

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Commissioning of the plant began in June and it is ready to begin processing material. The start of production has been delayed owing to the 260 kVA diesel generators that were bought and have had to be replaced, delaying commissioning of the operation.

New piping and water pipes were also bought and are on site and ready to be installed. A mobile screening unit and earthmoving equipment will be mobilised to site before the end of the year to support the plant operations.

“Bluedust, after successfully recommencing production and recovering 941 ct since January, has recently focused its production on run-of-mine material. Mining has primarily focused on the Oena site and will shortly commence on the Blokwerf site, where Bluedust is currently mobilising equipment.

“Oena continues to produce very high value diamonds including a 42.26 ct diamond recently that was sold for $11 267/ct,” Tango said in a statement.

Meanwhile, Tango detailed work on three further diamond exploration projects in Botswana, Angola and Liberia.

It has signed an agreement to acquire an 80% unencumbered interest in the Mano River project, consisting of a 104.3 km2 diamond mineral exploration licence located in the western part of Liberia.

This portion of Liberia is well known for the widespread occurrence of alluvial diamonds and the known presence of kimberlites, the company added.

Further, Tango has signed a services agreement with Cooperativa Mineira Do Moquita for mining and marketing of diamonds on a 147 km2 portion of a concession located 50 km north of Lucapa, in the Lauchimo river basin, in the province of Lunda Norte, in Angola.

“Tango is responsible for capital expenditure associated with alluvial diamond mine design and equipment acquisition, as well as enhancing production. As remuneration, Tango will receive 60% of the proceeds from the sale of produced diamonds.”

It has also created a strategic funding partnership with CC Mining, a member of diversified engineering and construction multinational Consolidated Contractors Company Group. This funding and technical partnership has initially focused on funding the agreement with Moquita.

Additionally, the company’s Middlepits project, 470 km south-west of Gaborone, Botswana, consists of two prospecting licences.

However, Metswedi Mining advised Tango that it is still in the process of renewing PL101 (429 km2) and PL58 (2.3 km2).

“Closing of the transaction is subject to the renewal of the prospecting licences and Tango has not completed any work on the property to date given the prospecting licences have not been renewed as of today’s date,” the company said. 

EDITED BY: Chanel de Bruyn Creamer Media Senior Deputy Editor Online
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