Escom to Inject $750m in Angola Diamond Sector

25 January 2010 (Last Updated January 25th, 2010 18:30)

Escom Mining will inject $750m in Angola's diamond sector by 2014, adding to a previous investment of $430m since 2001. The investment will bring the total amount injected in Angola to $1.43bn, which covers $250m used for the development of three hydroelectric dams, according to Ango

Escom Mining will inject $750m in Angola's diamond sector by 2014, adding to a previous investment of $430m since 2001.

The investment will bring the total amount injected in Angola to $1.43bn, which covers $250m used for the development of three hydroelectric dams, according to Angop Angolan news agency.

The company is currently working on the Luó project, which is in the exploration phase, as well as several other concessions that are in the prospecting phase with potential to commence production shortly, according to the Angola Press.

Escom entered into Angola by joining forces with major global diamond players Alrosa and BHP Billiton.