Angola's diamong mining framework...

The rapid development of diamond mining activities in Angola has been heavily trailed this year. This MininingMx article carries a brief explanation of the mining framework. Its remarkably different from the Zambian approach (for better or worse) :

....Typically, a diamond mining company in Angola has to take on a large number of “associated Angolan personnel” at the exploration stage which bumps up its overhead costs and cuts down on the amount of funds available for the actual drilling and evaluation work.

Should a mine be found then the developer is expected to fund 100% of the capital expenditure although owning only around 40% of the mine. The rest of the equity is held by the Angolan government through Endiama and by nominated private Angolan investors all of whom are entitled to a “free carry.”

Once completed, the developer has priority over revenues until the capex outlay is recovered but may still get only about 80% of the initial revenues because of profit share agreements with the Angolans....