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Angolan Minister urges South African investors to invest in mineral projects


Devdiscourse News Desk luanda Angola
Updated: 08-02-2019 18:10 IST
Angolan Minister urges South African investors to invest in mineral projects

Diamantino de Azevedo spoke about the improvement of the business environment in Angola, with a highlight on the authorization to foreigners to be free to repatriate up to five million dollars without the authorization of the Angolan Central Bank. Image Credit: Pixabay

The Ministry of Mineral Resources and Oil is looking for companies interested in investing in the so-called "Brown" and "Green" projects for all minerals in the country, said Angola's Minister of oil and mines, Diamantino Azevedo.

Speaking at the Mining Forum in Cape Town, South Africa, he recalled that Angola, in addition to oil and diamonds, is also rich in precious metals, base metals, dimension stones, as well as others needed for industrial development.

"Our government has opted for a policy of diversification of the economy. This also includes the diversification of the geology and mining sector", said the minister, inviting companies from several countries to invest in the Angolan minerals sector.

Diamantino Azevedo added that the Executive is committed to transforming Angola into a mining challenge on the African continent as part of the ongoing reforms.

He recalled that the report "Investment Risks in Africa 2019" published in January this year by Exx Africa Insight placed Angola among the top five best investment destinations in Africa, ranking second after Ethiopia.

To those present, Diamantino de Azevedo spoke about the improvement of the business environment in Angola, with a highlight on the authorization to foreigners to be free to repatriate up to five million dollars without the authorization of the Angolan Central Bank.

With such presentations, the participants were able to gain a greater insight into the vast potential of the geology and mining sector in Angola, which can be explored throughout the country, which has an area of 1,247,700 square kilometers.

In the meantime, the Republic of Angola presented the policies that make an investment in the mining sector more flexible, with the exhibition of projects related to the exploitation of iron and gold, but which lack investments to be leveraged.

The National Diamonds Company (Endiama), for example, has submitted projects related to concessions and actions that require investments or partnerships for exploitation.

The "Lulo" project was another Angolan experience shared in this forum, in which the companies Ferrangol (dealing in iron) and Sodium (diamonds) are also present.

COUNTRY : AngolaSouth Africa

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