Diamcor Signs JV with South African BEE Company Nozala Investments

Junior diamond mining company Diamcor Mining has entered into a formal joint venture with Nozala Investments (Pty) Ltd to operate and develop two of Diamcor’s dormant South African subsidiaries, DMI Minerals South Africa and Jagersfontein Diamond Mining Company, both of which were formed to explore for and mine diamonds in South Africa.

Through the arrangement, Diamcor will retain a 70 percent direct ownership of the subsidiaries, and Nozala, a South African Broad-Based Black Economic Empowerment (BBBEE) company, controlled and managed by women, will acquire a 30 percent direct shareholder ownership.

Diamcor noted that, operationally, both the expenses and the revenues generated in relation to the subsidiaries “will be allocated proportionally” between the two companies.