Madagascar may have diamonds-Canadian explorer

Madagascar may have diamond deposits to be exploited, based on research collected by mining experts on the Indian Ocean island, Canadian mineral explorer Pan-African Mining (PAF.V: Quote) has said.

"The signs collected during the investigations of the department of mines as well as by the French Bureau of Geology and Mining Research are promising" Pan-African Mining (PAM) General Manager Fafah Ramboasalama told journalists on Monday.

The explorers theorise that Madagascar is the immediate neighbor of South Africa and therefore is likely to share similar geology, he said.

"So there is no reason (why) Madagascar does not contain any important diamond ores like South Africa."

Ramboasalama said PAM is investing $4 million in research into the existence of diamond deposits and would invest more in exploration and production if the potential of deposits warrants.

Mining experts say Madagascar, the world's fourth largest island, is thought to have large under-exploited reserves of minerals including gold, nickel, ilmenite, sapphires, rubies, aquamarine and bauxite.

An increasing number of international mineral exploration companies are setting up operations on the island off the southeast coast of Africa in the hope of tapping into this emerging sector.

Proven deposits include Rio Tinto's (RIO.L: Quote) and Ticor's (TOR.AX: Quote) ilmenite concessions in the south and Dynatec's (DY.TO: Quote) nickel deposit in the east.

Government officials said in October there was a 90 percent chance that diamond ores are present in Madagascar, after Canadian mining firm Majescor (MAJ.V: Quote) discovered two kimberlites, indicating the existence of diamonds.

Majescor has set up a joint venture with South Africa's De Beers -- the world's top diamond company -- for diamond exploration in north and central Madagascar.

In 2002 and 2003, De Beers collected around 102 samples with a total volume of 77 cubic metres in Madagascar which are currently being studied for diamond potential.

De Beers is 45 percent owned by Anglo American (AAL.L: Quote).


By Honore Razafintsalama

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