Camafuca Project
- Full name:
- Camafuca Project
- Mwana interest:
- Mwana Africa holds an 18% free-carried interest in the project. This interest was previously held by SouthernEra.
- Geology and history:
- Camafuca is one of the largest known undeveloped diamond-bearing kimberlite complexes worldwide and is located in the Lunda Norte Province in northeastern Angola, 20 km southeast of the town of Lucapa. The project area covers the outcropping primary kimberlite deposits associated with the five Camafuca-Camazambo kimberlite pipes which have a combined surface area of 160 hectares.
- Through a feasibility study completed in 2000, SouthernEra defined an inferred mineral resource from surface to a depth of 145 m of 209.5 million cubic metres at an average grade of 0.111 carats per cubic metre, for a total resource of 23.25 million carats. An independent valuation in 2000 attributed an average value to the Camafuca diamonds of $109 per carat. Since then, global rough diamond prices have increased by more than 35%.
- Current status and prospects:
- In mid-2005, SouthernEra obtained final approval and ratification for the formation of the operating company “Camafuca - Sociedade Mineira Lda” (CSM), which has been issued the mining license for the Camafuca Project, allowing construction of the project to commence. Mining will commence once funding has been secured. The highly weathered and decomposed nature of the kimberlite will allow a low cost dredge mining operation to be employed.
- Geological maps:
-
