Angola: Diamonds and gold considered strategic mining assets in Angola

26 November 2008

Luanda, Angola, 26 Nov – Angola’s New Mining Code considers diamonds, gold and radioactive minerals to be strategic to Angola, the coordinator of the Technical Commission for Review of Mining Legislation said Tuesday in Luanda.

According to Francisco Queiroz, who was speaking to Angolan news agency Angop on the sidelines of the 2nd seminar to discuss the Mining Code, factors such as rarity, demand on the international market and their impact on economic growth were considered.

In the light of the new code, Queiroz also said that mining rights for prospecting and exploration, processing and sale across the country, including the continental platform and the exclusive economic area belonged to the State.

He noted that these rights could be exercised exclusively by a specific state-owned company, which would take on the role of national concession-holder, or by an autonomous public body, which would function as a mining sector regulator.

“The national concession-holders of mining rights on strategic minerals are created by the government, it being their responsibility to directly exercise the rights on the respective minerals, or in association with private companies,” he said.

The work to create a new mining law in Angola began two years ago, and some technical consultation seminars have already been carried out.(macauhub)