Boston, MA -- (SBWIRE) -- 06/21/2012 -- We forecast that Angola's Mining industry will grow by 3.1% year-on-year (y-o-y) in 2012 in real terms. Growth is expected to remain stable thereafter with diamonds providing the main thrust for production growth over the medium term. However, we note increasing interest in new areas of mining including iron ore and phospahtes. Real growth in mining is forecast to average 3.98% y-o-y during the five years to 2016.
China Driving Industry Diversification
Q212 saw further developments in the growing relationship between Angola's mining sector and the country's largest export market, China, with news that the governments of the two countries are analysing ways of strengthening trade links between the two countries. Speaking in Macau, China, Angola's ambassador to China, Joao Garcia Bires, revealed that both governments were looking at ways to develop the range of minerals and metals exported by Angola to China. According to Macauhub News Agency, this diversification away from diamond exports could see Angolan miners export iron and copper ore as well as other mining products. In return, Angola could be expected to receive assistance with its development programme in the form of machinery and other products.
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Endiama Initiates New Phase Of Prospecting
In March 2012 Endiama announced it was to initiate a major new prospecting phase in Angola's Moxico province in the east central region of the country. The project would see diamond mining return to the province after a hiatus of several decades and would be assisted by the work of artisanal miners in its initial phase. In the same month, Russian state-owned diamond firm ALROSA announced completion of a preliminary geographic survey in the south eastern region of the country. The survey, which was initiated in May 2011 in partnership with Endiama, is at a 30% stage of completion. A spokesperson for ALROSA said that the survey had revealed a 'very high' likelihood of kimberlite diamond deposits in the region. This view was seconded by Endiama, who indicated the survey was due for completion by the end of 2012, after which prospecting would begin.
The long-awaited introduction of a new Angolan mining code finally came to fruition in September 2011 and is expected to prove a positive force in increasing mining activity. The new code compiles existing mining legislation to create an integrated approach to managing the prospecting, exploration and exploitation of mineral resources within the country's borders. Furthermore, the code follows the practice of other African states in recognising the distinction between 'strategic' and 'ordinary' mineral resources. For more information on the mining code, refer to the Regulatory Developments section of this report.
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