Rio, Angolan State Diamond Company Form Joint Venture for Mine
Angola is pushing to boost diamond output and attract foreign investment as it seeks to raise revenue.
Photographer: Olivier Polet/Corbis/Getty ImagesRio Tinto Plc and Angola state diamond company Endiama EP formed a joint venture to develop the Chiri project, which is set to become the country’s third-largest producer of the gems, the nation’s mines minister said.
The venture was established last week in Angola’s diamond-rich eastern region, after Rio secured the concession “some time ago” and completed initial exploration that showed promising kimberlite results, Mineral Resources Minister Diamantino Azevedo told reporters in the capital, Luanda, on Monday.