Endiama Considering Going Public

Angola’s state diamond company Endiama is exploring the option of going public on the Toronto or London stock exchanges, Marketing Director Sebastiao Panzo told miningmx.

Endiama wants to conduct a geological survey of the country and create a database of diamond deposits. The listing is being considered to raise capital to fund the project.

“There is still a lot to discover in my country,” Panzo told miningmx. “We urgently need to upgrade our geological database and bring as many mines into production as possible.”

Panzo added that the company is undergoing a review process that may result in a change in the marketing of its rough diamonds. “From the second quarter of this year we foresee a change will start happening in the diamond sector,” Panzo said.

According to Angolan law, Endiama is a partner in every diamond project in the country. This system has been criticized by prospecting companies because Endiama does not pay for its stake in the ventures, and later, has the right to buy mined goods at below market prices.

The changes Panzo spoke about may address this issue.

Angola’s diamond production rose in 2006 to 9.3 million carats from 7.1 million carats in 2005.