Rio Tinto has formed a joint venture with Angola’s state‑owned diamond company Endiama EP to develop the Chiri diamond project, which is expected to become the country’s third‑largest diamond producer.
The joint venture, Sociedade Mineira do Chiri, was established in Angola’s diamond‑rich eastern region following Rio Tinto’s acquisition of the concession and completion of initial exploration work that identified promising kimberlite results. Under the agreement, Rio Tinto will hold a 75% stake, with the remaining 25% owned by Endiama on behalf of the Angolan state.
No capital expenditure has yet been allocated to the project.
Angola’s Minister of Mineral Resources said the development aligns with the government’s strategy to expand diamond production and attract foreign investment as the country seeks to increase revenues, despite continued pressure on global diamond prices.
The Chiri project adds to Angola’s efforts to strengthen its position as a major global diamond producer through partnerships with international mining companies.
