Angolan government organizes gold trade

9 August 2017

Four Angolan companies received on Tuesday in Luanda contracts from the Ministry of Geology and Mines granting them the right to commercialise gold extracted by artisanal producers in Angolan territory.

The companies are: Socassoma – Prestação de Serviços, Comércio Geral, Importação e Exportação; BY-AE Produção de Artigos de Joalharia; Alcra – Gestão e Participações; and TKE – Prestação de Serviços Mercantis.

Minister Francisco Queiroz said on the occasion that the appearance of companies with gold trading contracts is the first step in the organisation of small-scale production as a specific component of the gold exploitation value chain in the country.

Organised trading of gold from artisanal production also helps combat illegal possession of gold and its illegal export to other markets, without benefit for the country, Queiroz added.

The president of the Gold Agency, Moisés David, said that about 40 licence requests had been received by the agency since it was established in 2014.

“The licensing of these companies means it should be possible to register and formalise the informal operators in the near term, and also to finish work associated to regulation of the gold market, specifically the legal system governing precious metals,” David said.

Illegal gold prospecting currently takes place mainly in Cabinda province, although there are reports of such activity in Cuanza Norte, Huíla and other regions of the country. (Macauhub)