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Tango Takes On Two New Mines

Company acquires Liberia asset and will finance Angola alluvial project.
Sep 13, 2018 8:57 AM   By Rapaport News
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RAPAPORT... Tango Mining has expanded its portfolio with the acquisition of a Liberian mine, as well as signing an agreement to finance an alluvial project in Angola.

The miner has bought an 80% share in the Mano River Project in Liberia from West Mining. The purchase gives Tango exploration rights on a 104.3-square-kilometer area of the asset.

Additionally, the Canada-based miner has signed a service agreement with Cooperativa Mineira Do Moquita for the mining and marketing of diamonds from an alluvial project in Angola, just north of Lucapa’s Lulo mine. Under the terms of the contract, Tango is responsible for financing the design of the mine, as well as acquisition of equipment and improving the asset’s production. The miner will receive 60% of the proceeds from diamond sales the project generates.

Tango also owns the Oena alluvial diamond mine in South Africa.

Image: Alluvial diamonds by a river
Tags: Angola, Cooperativa Mineira Do Moquita, Liberia, lucapa, Lulo, Mano River Project, Oena, Rapaport News, tango, Tango Mining, West Mining
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