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Angola Seeks to Diversify its Economy by Developing the Mining Sector

It is believed Angola is investing more and in a better way in the mining sector. The investment is not only in the diamond industry, the second largest product exported by Angola, but also in the gold market.

As it is well known, Angola’s mining industry is of great potential, especially due to its extensive diamond reserves. Recent studies indicate that Angola’s diamond reserves have more than a billion carats.

According to the Finance Ministry of Angola, the diamond exploitation has recently increased. As a matter of fact, from last June to July, the export of diamonds increased 7%, reaching 858.919,13 carats, worth a total of 98.3 million dollars.

Last July, the Angolan Ministry for Geology and Mining authorized four Angolan cooperatives to join existing semi-industrial diamond exploration in almost 300 square kilometers (km2) of two municipalities of the Province of Luanda Norte.

These agreements reflect firstly, the investment in the diamond industry as a way of diversifying the economy and increase the revenues. Secondly, the said concessions express the concern at the illegal exploitation and export of the Angolan diamonds. According to the relevant Ministry, involving both the public sector and the private sector of the economy in this industry means not only strengthening and accelerating its diversification, but also promotes the sustainable use of the country’s mineral resources. 

From the beginning of the year to last September, Angola has already exported around 6.464.330 carats. The overall sales exceeded 708 million dollars, reaching an average price of 123 dollars per carat in March.

It is said that the Angolan diamond industry may increase from the 9 million carats per year to almost 14 million, from 2017 to 2022, in a framework of development and modernization the diamond extractive industry.

Regarding the Angolan gold market, last September the Ministry for Geology and Mining authorized concessions for three companies to search for gold in Angola, resulting in an investment of around 17 million dollars.

The abovementioned concessions are a result of the organization of the Angolan gold market business. It is believed that the entry of trading companies in the gold market will not only counter the illicit possession of gold and its illegal export, but will also and mainly contribute for the establishment of the Angolan gold market as a legal and organized subsector. 

In fact, the Angolan Market Regulation Agency for Gold was founded in 2014 to meet the need to organize the Angolan gold trading system and ensure the orderly and effective participation of buyers, sellers and all the people taking part in the commercial gold transactions.

The Angolan Market Regulation Agency for Gold, under its regulatory and fiscal powers, has recently announced the publication, in the near future, of the market regulation, namely the “Regime Jurídico de Metais Preciosos”. Up to the present, there is only the Mining Code, approved in 2011.