Tango Mining Provides Update on its Diamond Mining Activities

Tango Mining Provides Update on its Diamond Mining Activities

Tango Mining Limited yesterday provided an update of the 2018 financial year end operational and production of the mines in which the Company has an interest in the Republic of South Africa, Botswana, Angola and the recently added Liberia.

At the Oena Diamond Mine in the Republic of South Africa, the appointed mining contractor, Bluedust 7 Proprietary Limited (Bluedust) has mobilised and commissioned mining and processing equipment commencing 16 November 2017, the Company reported.

Since then, Bluedust successfully recommenced production and recovered a total of 941 carats since January 2018; and recently has been focussing on ROM material.

“Mining has primarily focused on what is known as the Oena Site and will shortly commence on the Blokwerf Site where Bluedust is currently mobilising equipment,” Tango said.

It added: “Oena continues to produce very high value diamonds including a 42.26 carat diamond recently that was sold for US$11,267 per carat.”

Further, Tango reported that during the course of the year, it acquired — through its local subsidiary, African Star Minerals (ASM) — an additional pan plant (the Plant) with a capacity of 120 tonne per hour (tph) to be used to process tailings left on site from previous mining operations.

“The Plant began commissioning in June 2018 and is ready to begin processing material,” the Company elaborated.

Commencement of production has been delayed, but the Company is putting equipment in place to be able to start soon.

Tango announced that from hereon, it will no longer publish monthly Oena diamond sales information; rather, the Company will publish quarterly sales information in the future.

In the Republic of Botswana, Tango has the Middlepits Project, which is located 470 kilometers (km) south west of Gaborone. This project consists of two Prospecting Licenses (“PLs”) that were explored between 1974 and 1976 by De Beers, between 1978 and 1980 by Falconbridge and between 1993 and 1997 by Southern Africa Minerals Corporation.

“Metswedi Mining (Pty) Limited has advised Tango that it is still in the process of renewal of PL101 (429 km2) and PL58 (2.3 km2),” Tango reported. “Closing of the transaction is subject to the renewal of the PLs and Tango has not completed any work on the property to date given the PLs have not been renewed as of today’s date.”

At Tango’s Moquita Project in the Republic of Angola, the Company has signed a Services Agreement for Mining and Marketing of Diamonds with Cooperativa Mineira Do Moquita, SCRL (Moquita) on a 147 km2 portion of a concession located 50 km north of Lucapa within the Lauchimo River basin, Province of Lunda Norte, Republic of Angola. “Tango is responsible for capital expenditures associated with alluvial diamond mine design and equipment acquisition as well as enhancing production,” the Company explained. “As remuneration, Tango will receive 60% of the proceeds from the sale of produced diamonds.”

Tango revealed that it has created “a strategic funding partnership” with CC Mining Limited (CCML), itself a member of Consolidated Contractors Company Group which is one of the world’s largest diversified international engineering and construction companies active in over 50 countries and across five continents and with total revenue in 2017 of US$6 billion. “This funding and technical partnership has initially focussed on funding the Services Agreement with Moquita,” Tango stated.

At the Mano River Project in the Republic of Liberia Tango has signed an agreement to acquire an 80% “unencumbered interest” in the Mano River Project consisting of one recently granted 104.3 km2 diamond mineral exploration license for an area located in the western part of Republic of Liberia. “This portion of Liberia is well known for the wide spread occurrence of alluvial diamonds and the known presence of kimberlites,” Tango noted.

News Source : gjepc.org

Disclaimer: This information has been collected through secondary research and TJM Media Pvt Ltd. is not responsible for any errors in the same.