40 mil spent on concession market cap 23 mil , page-20

volume doesn't lie.

Had Da Beers come out at the beginning of the year saying they expected approval for a new concession in Angola 'in a couple of weeks'. Now today's article.

LONDON — De Beers, the world’s largest diamond miner by market value, hopes to obtain a concession to explore in Angola by the end of this year, CE Philippe Mellier has said.

The London-based company, majority-owned by global miner Anglo American, is also holding initial talks with India about exploring in some areas in the centre-north of the country.

"We expect to have news about exploration licences before the end of this year and we are in contact with the Angolan government to discuss that. We hope that it’s going to be successful," Mr Mellier said in an interview with Reuters news agency last week.

Early-stage work in Angola should start later this year, a spokesman for the company added.

Russia’s Alrosa, De Beers’ main competitor, already operates the Catoca mine in Angola, the world’s fourth largest, in a joint venture with Angola’s state-owned Endiama.

De Beers previously explored for diamonds in Angola between 2005 and 2012 but concluded that a standalone deposit in the area was not economic and relinquished its concession.

It is now going back to explore a new area in the country, which Mr Mellier said was highly prospective.

Angola is the world’s fourth-largest diamond producer by value, and sixth by volume, and the government is keen to boost a sector where few companies are drilling. But the country needs to develop transport links and services for mining companies, and make geological data more accessible, according to a study published late last year.

http://www.bdlive.co.za/africa/africanbusiness/2014/03/24/de-beers-hopes-for-diamond-exploration-rights-in-angola-by-year-end