Angola: New mining projects increase exchange rates in country

The Mining sector has announced the implementation in the short and medium term of twenty-three new projects on the exploration of diamonds, gold, phosphates, iron, copper and ornamental stones.

This was announced Wednesday by minister of Geology and Mining, Francisco Queiroz at the opening ceremony of the 6th Consultative Council of the sector.

According to minister, the implementation of these projects contribute to tackle the current crisis by diversifying the sources of tax revenues and rise the country’s foreign exchange resources.

The official stressed that of 23 projects, five are diamonds, four gold, two iron, two phosphates, one copper and nine ornamental stones, but he would not  mention the value of each project.

The official said there is a strategy aimed to change the country’s economic base over the next 15 years, putting the mining industry as an alternative to the oil.

In order to ensure materialisation of said strategy, Francisco Queiroz called for the need to invest in the production of information, geological and mining mapping of all territory, with the data provided by National Plan of Geology (Planageo).

He also mentioned the permanent and systematic commitment to an institutional or business environment based on the principles of transparency, loyalty and technical – professional strictness and international good practices, as part of conditions.

In another aspect, the minister defended the need to guarantee the real appropriation of the results of the exploitation of the mining resources of Angola by the Angolans themselves, throughout their value chain, from the perspective of the African Mining vision of African Union which plans the continent’s development by 2063.

The meeting, running under the motto “The implementation of the executive strategy for the geology and mining sector, include presentation of proposals for solutions to the current economic challenges and prospects for the next five years, based on the available indicators.

Source: Angop

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