The Stockholm-based diamond exploration and production company IGE Resources has put the Cassanguidi diamond project in Angola on hold due to insufficient financing, the company reports.

At this point, IGE is not prepared to increase its financial exposure to the diamond project and is seeking other options, such as entering into a partnership; sale; or termination of the project. If IGE were to pull the plug on Cassanguidi, it would represent a loss of the equivalent of $22 million and cause the company to shut down its other Angola operations.

While IGE's main focus in on diamond exploration, the company also owns gold exploration projects in Kenya and one of the largest nickel deposits in Northern Europe.