ANGOLA – DE BEERS
October 1st, 2003
BY RICHARD HURST
ANGOLA'S state diamond company Endiama has claimed a victory over De Beers in arbitration regarding a row that forced the South African diamond mining company to suspend Angolan operations since May 2001. De Beers had wanted its US$31 million investment in Angola returned with interest. A panel convened in Brazil said it should remain in the country and ordered De Beers to pay the majority of the costs.
ANGOLA'S state diamond company Endiama has claimed a victory over De Beers in arbitration regarding a row that forced the South African diamond mining company to suspend Angolan operations since May 2001. De Beers had wanted its US$31 million investment in Angola returned with interest. A panel convened in Brazil said it should remain in the country and ordered De Beers to pay the majority of the costs.
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