Angola and Russia sign cooperation agreement for mining sector

28 November 2005

Moscow, Russia, 28 Nov – The Angolan and Russian governments have signed a cooperation agreement for the mining sector, which includes making and inventory of Angola’s mining resources and prospecting and sale of diamonds.

The agreement was signed last week in the Russian capital by Angolan Minister for Planning Ana Dias Lourenço, and by the Russian Mineral Resources Minister Iuri Trutnev, as part of the meeting of the Angola-Russia Joint Commission.

The protocol aims to implement joint actions within the framework of the Kimberley Process, which is a joint government/industry/civil society initiative to prevent the trade of diamonds from areas of conflict or diamonds that are used by rebel forces to finance the fight against legitimate governments.

The Kimberley Process also promotes the international diamond market, the use of new geological and mining research technologies, as well as prospecting, enrichment and sale of precious stones.

The agreement also aims to put together an inventory of deposits and update geological charts and maps of Angola’s mineral resources.

Russia and Angola are among the world’s five largest diamond producers, along with South Africa and Botswana, and each has annual sales of diamonds totaling over US$1 billion per year.

At the meeting of the Joint Commission in Moscow, the Angolan authorities also made a presentation to the Russian government about opportunities in the oil and gas sector.

The two countries are also preparing a cooperation protocol for the oil and gas sector, which is Angola’s largest source of revenue. The protocol is currently being evaluated by the Russians, officials said.

During the same meeting the Chambers of Commerce of both countries signed an agreement on boosting ties between companies from both countries, which should soon be complemented by an agreement for reciprocal protection of investments. (macauhub)