Angolan Government sets up National Mineral Resources Agency

25 November 2019

The Angolan government will close Angolan national iron company Ferrangol and in its place create the National Mineral Resources Agency, which will monitor, control and supervise mining activity in the country, announced the Secretary of State for Geology and Mines.

Jânio Correia Victor, speaking at the closing ceremony of the 1st International Conference and Exhibition on the Mining Sector, which took place on 20 and 21 November, also said that this agency should start operating in the first half of 2020, when operating conditions will be in place.

The Secretary of State said that this decision aims to boost and intensify the activity of the sector in the country, in the medium and long term, promoting prospecting, research and development, and, under the new policy for the sector, national diamond prospecting, exploration, cutting and trading company Endiama and Angola’s diamond trading company Sodiam will undergo restructuring.

Correia Victor said a 50% stake in Endiama’s share capital will be sold in a stock exchange deal, and Sodiam will be transformed into a specific exchange for the diamond sub-sector, according to the Angop news agency.

The Secretary of State recalled that the government is seeking to attract the largest mining companies in the world, with Russian group Alrosa and the Anglo American group already present in the country, and following the entry into Angola of Anglo-Australian group Rio Tinto.

Recent contracts have been signed with Tosyali Holding to operate Cassinga’s integrated iron ore extraction and steelmaking project and with Blue Glacier to set up a diamond cutting and polishing unit at the Saurimo Diamond Development Hub, in Lunda Sul province. (Macauhub)