Angolan government to set up public body to sell gold, diamonds and radioactive minerals

7 November 2012

The Angolan government is preparing legislation to set up a public body to sell strategic minerals such as gold, diamonds, and radioactive substances, the Minister for Geology and Mining, Francisco Queiróz said cited by Angolan news agency Angop.

Queiróz said, at the end of a visit to diamond company Empresa de Comercialização de Diamantes (Sodiam), that the presidential decrees that were being prepared would create a single public body, or three public bodies, for the sale of Angola’s strategic minerals.

The Minister also said that Sodiam, in its current format, could become a trading company that would operate in the market without regulatory responsibilities.

He called for a market regulator to be established to deal with issues of public interest in the market and for the State, and to provide certificates of origin.

An Angola all industrial and artisanal sector sales are carried out via Sodiam.

The around 9 million carats of diamonds produced in 2011 led to income of 116 billion kwanzas, with a corresponding amount of tax for the government. (macauhub)