Boston, MA -- (SBWire) -- 12/26/2012 --Angola's mining industry is set to reach US$2.4bn in 2017, growing at an average rate of 3.6% per annum. The rate of growth will remain stable thereafter with diamonds providing the main thrust for production growth over the medium term. New areas of mining including iron ore, copper and phosphates are also receiving increasing international interest from investors and are expected to provide further momentum for Angola's mining sector over the long term.
Angola Goes For Gold
According to reports in July 2012, production was close to starting at gold mining facilities in the municipalities of Jamba and Kuvango in Angola's Huila province. Gold extraction will follow the termination of exploration work in the region, which is reported to be in the final stages. The projects will be opened up for investment from interested local and international parties following the termination of the exploration process. There are currently no details regarding the size and grade of the deposits.
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Prospecting To Begin In Kwanza Sul
In Q312 Angola-based diamond miner Sociedade Mineira de Catoca (SMC) was awarded the rights to carry out prospecting for diamonds in the province of Kwanza Sul. The announcement followed the completion of surveying work by SMC in the mining zones of Gango and Quitubia, both of which encompass a concession area of 3,000km sq. The company is due to install equipment for prospecting in the area over the coming weeks in addition to carrying out demining and geological analysis of the region. The project will be the first diamond mining enterprise in Kwanza Sul province and is the culmination of ongoing attempts to launch exploration projects at Gango and Quitubia since 2001.
Regulatory Environment
Operators within Angola's mining sector are starting to reap the benefits of a new mining code, whose long-awaited introduction came into effect at the end of 2011. In compiling all existing mining laws and regulations, it is hoped that the new code will ensure greater cohesion within the country's natural resources sector than the original code, introduced in 1992. The new legislation will apply to all aspects of the prospecting, exploration, research, appraisal and exploitation of all natural resources located within the country's borders with the exception of gaseous and liquid hydrocarbons. A specific section of the code is dedicated to offshore mining activities and licensing. Among the greatest benefits of the new code to overseas investors has been the removal of obstacles preventing investors from taking a majority stake in locally owned companies. In addition, contracts for prospecting and exploration will now be covered by a single mining agreement with the government while the amount of tax payable by mining firms to the state has been lowered from 35% to 25%.
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Recently Released Market Study: Angola Mining Report Q1 2013
Recently published research from Business Monitor International, "Angola Mining Report Q1 2013", is now available at Fast Market Research