Tango officials said the term sheet partnership outlines a US$1.3 million investment commitment that Tango will use toward development work at the Txapemba project.

The announcement follows a September 2017 confirmation that it had inked a three-year renewable service deal for semi-commercial diamond mining and marketing with Txapemba Canguba RL. Under the agreement, Tango assumed responsibility to be sole operator and oversee alluvial mine design and equipment acquisition.

In turn, it will receive 60% of the net proceeds from the sale of produced stones, minus operational costs. It will be the first collaboration of the companies.

Tango first took control of the project last October. Since then, earthmoving equipment has been mobilised for road construction and upgrades and trenching has started in two areas.

“[We] will continue…geological and technical assessment of the project with the invaluable support of the Txapemba Caguba RL technical team working with Tango’s technical team that will result in the development of a work plan,” the company said, but also noted it is still intent on commencing bulk sampling and small-scale alluvial diamond production early this year.

CCML is part of Consolidated Contractors Company and CC Energy.