Boston, MA -- (SBWIRE) -- 09/27/2012 -- Overview
Angola's mining industry is forecast to grow by 3.1% year-on-year (y-o-y) in 2012 in real terms with growth set to accelerate to 4.2% y-o-y in 2013. The rate of growth is expected to 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. Real growth in mining is forecast to average 3.98% y-o-y during the 2012-2016 forecast period.
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.
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