Randgold Buys Angolan Diamond Interests

South African miner Randgold has bought several Angolan prospecting licenses, mining licenses and other mining assets. The publicly traded company says the acquisitions are in line with its strategy and the end of civil war in the country.

Among the new assets, reports Business Day, are alluvial diamond prospecting and mining licenses in the Koketso Angola Joint Venture, which holds a 24 percent interest in the Luxinge alluvial diamond-mining license; and the Masupatsela Angola Mining Ventures holding a 20 percent interest in the Somba Sul alluvial diamond prospecting concession.

The company also bought mining equipment and assets from Trans Benguela Logistics.

All three deals are in return for shares in Randgold, totaling 1,506,000 Randgold ordinary shares holding a value of 18.50 rand per share, traded on the JSE Securities.

“The acquisitions are consistent with Randgold's strategy of acquiring quality and strategic assets in the mining resource sector, in pursuit of its stated mission of being a leader in the development of mineral resources on the African continent,” the company told Business Day.