Social impact of Angola’s mining sector overtaking the oil sector

18 July 2013

Angola’s mining sector with all its potential may eventually overtake the oil sector in terms of social impact, Geology and Mines Minister Francisco Queiroz said on Wednesday in Luanda.

Contrary to the petroleum sector, which is more capital intensive, the mining sector generates many jobs and thus has major social impact, Queiroz said at the end of a meeting with Portuguese Economy and Employment Minister Álvaro Santos Pereira.

In financial terms, the mining sector’s contribution to gross domestic product should eventually be similar to that of the oil sector, possibly even higher, he added.

“Angola is a geological accident with many mining deposits whose location is still unknown. But the country has practically all kinds of minerals,” Queiroz said, cited by Angolan news agency Angop.

Queiroz told Santos Pereira that the Angolan government was interested in geological information held by the Portuguese administration at geological research centres in Portugal.

He said Angola already had sufficient mining experience to begin considering the possibility that Angolan mining entrepreneurs may invest in Portugal, adding that his government wanted to cooperate with Portugal’s government in recovering much of the geological information found in Portugal.

The meeting also covered aspects linked to education, one of the sector’s major challenges. Angola will take advantage of Portugal’s potential in terms of schools, institutes and universities to train geologists and other technical personnel, Queiroz said. (macauhub)

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