Angola may become a large gold producer

16 May 2014

Angola may become a large gold producer, the Minister for Geology and Mining, Francisco Queirós said Thursday in Luanda, whilst swearing in the members of the board of the Gold Market Regulation Agency.

After noting that large investment would be made in gold prospecting and mining, the minister said that the agency had been created because gold is a strategic metal “that we cannot allow to be traded without rules.”

According to Queirós, the agency will be responsible for securing the commercial interests of producers by implementing an efficient system for competition and sales promotion, as well as ensuring the security of gold transactions by applying conduct, ethics and fraud prevention techniques.

The chairman of the board of the Gold Market Regulation Agency, Moisés David, said that one of the priorities was illegal gold mining in Cabinda province, northern Angola.

In March 2013 the Geology and Mining Minister visited Cabinda and said he was disappointed about artisanal gold mining undertaken since the colonial period, which has affect the Angolan State and the local population.

Gold mining is due to begin in 2015 in the Limpopo area of Huíla province and prospecting work that began in 2011 is now in its final stages. (macauhub/AO)