Tango Mining Ltd. said Feb. 8 that it signed a term sheet for a partnership with CC Mining Ltd. over the development of diamond projects in Angola, including the Txapemba project.
The project is the subject of a three-year renewable services agreement between Tango and Txapemba Canguba RL for mining and marketing diamonds in Angola, signed in September 2017. Under this deal, Tango was supposed to be the project operator and be responsible for financing expenditures associated with alluvial mine design and equipment acquisition.
CC Mining and Tango committed investing up to US$1.3 million, which Tango will use to develop the Txapemba project, subject to certain conditions including the project's renewal and the transfer of the September 2017 service agreement to a new Tango unit. The investment will include both debt and equity contributions to a new special-purpose company.
Tango took operational control of the project in October 2017 and plans to start bulk sampling and small-scale alluvial diamond production at Txapemba in early 2018.
CC Mining is a unit of CC Energy Ltd., which is a member of Consolidated Contractors Co.
