Texas-based America Mineral Fields (AMZ-T) has completed its previously announced purchase of Idas Resources, a private company with a 50% interest in two large diamond concessions in Angola.
The revised agreement calls for America Mineral Fields (AMF) to pay US$500,000 and issue shares valued at US$1.75 million to the vendors. The company also agreed to buy 50% of certain accounts payable by Idas to its principals by issuing additional shares. These shares will be held in escrow, pending an audit and receipt of company approvals.
Idas is a 50-50 joint-venture partner with Endiama, the Angolan state mining company, on a mining lease in the Cuango Valley. The partners also share a prospecting lease called Cuango International, which borders the mining lease to the north. The area covered by these concessions is about the size of Switzerland.
AMF says the Angolan government took control of diamond mining in Cuango River Valley earlier this year, following the withdrawal of Unita. This former rebel movement had financed its 2-decade-long civil war using proceeds from Angolan diamond mines.
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