- Yolanda Torrisi
- +61 412 261 870
- yolanda@yolandatorrisi.com
- Nina van Wyk
- +27 82 926 3882
- nina@africanminingnetwork.com
In the month from May 20 to June 20 Tango Mining’s Oena Diamond Project in South Africa produced 28 diamonds for 61.4 carats. During this time 53.4 carats were placed on tender with Flawless Diamond Trading House in Johannesburg and sold with an average price of US$1490 per carat.
The balance produced from the alluvial diamond property in Northern Cape Province was sold to the state diamond trader.
Since acquisition by Tango diamond production from Oena totals 1365 carats sold at an average price of US$1188 per carat.
The top two highest value diamonds recovered during this period include a 20.7 carat diamond which sold at US$7210 per carat and a 10.4 carat diamond which sold at US$1544 per carat.
The Oena project consists of one New Order Mining Lease located on the lower Orange River. It is 8800 hectares in size and covers a 4.8km-wide strip along a 15km length of the river.
The lease was granted in 2009 and is secured with a notarial lease over the property for 99 years and matures in 2090. An application for the renewal of the mining right for a further 30 years has been lodged with the Department of Mineral Resources for the period ending 2045.
Tango recently advised that Samer Khalaf, who was appointed as non-executive director on April 3, 2017, has accepted the position of chief executive officer.
He has over 25 years of investment banking experience in the Middle East, Africa and Europe, and has held senior positions at various institutions including Nomura Securities, Gazprombank and PrimeCorp Finance SA. His most recent position was as Director for Africa & Middle East at GPB Global Resources.
Tango's executive chairman and former interim CEO Terry Tucker said, “I am very pleased to have Samer assume the role of chief executive officer. He brings a wealth of experience to the company and will provide strong leadership to Tango as it continues to develop and expand its operations in South Africa and the rest of the continent.”