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Diamond company pulls out

    JOHANNESBURG

    Angola's diamond mining industry suffered another setback on Thursday after South Africa's Ocean Diamond Mining (ODM) announced its withdrawal from the country due to growing insecurity, Reuters reported. The Cape Town-based company is also reported to have taken a US $2.2 million provision against the carrying value of its Angolan projects and concessions. Andre Louw, the company's managing director, was quoted as
    saying: "In view of hostilities in Angola, operations have been put on hold and a force majeure declared."

    ODM joins Toronto-based SouthernEra Resources and mining giant Anglo American which closed their operations in January and March respectively. Foreign companies engaged in mining operations in the war-torn country have been uneasy since last November when gunmen attacked a Yetwene mine operated by Canada's DiamondWorks, killing eight workers and kidnapped 10
    others who are still unaccounted for.

    This article was produced by IRIN News while it was part of the United Nations Office for the Coordination of Humanitarian Affairs. Please send queries on copyright or liability to the UN. For more information: https://shop.un.org/rights-permissions

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