Tango renews Oena mining license in South Africa for nine years, terminates Txapemba agreement in Angola
Tango Mining Limited has announced that its subsidiary, African Star Minerals Limited, has received confirmation from the Department of Mineral Resources, Republic of South Africa.
Its mining right for the Oena Diamond Mine has been renewed for a further period of nine years. The renewal has been granted in terms of the applicable sections of the Mineral and Petroleum Resources Development Act. Oena is 8,800 hectares in size and covers a 4.8 kilometre wide strip along a 15 km length of the lower Orange River, Northern Cape Province in a well-established alluvial diamond-mining province known to produce high quality and large sized diamonds.
Tango also announces that it has terminated the Services Agreement for Mining and Marketing of Diamonds with Txapemba Canguba R.L, a Cooperativa Exploração Semi-Industrial de Diamantes, Republic of Angola.
The termination was mutually agreed by both Tango and Txapemba. The termination is due to the limitation and failure to increase the maximum hourly production capacity of the license terms and conditions which make it unviable as a long term commercial project for Tango.