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Angola: Mining companies to invest US$10M for gold exploration

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Two mining investment contracts totaling 10 million US dollars were approved by the Ministry of Mining and Petroleum for gold exploration in northern Cabinda province.

One of the mines financial investment contractors approved to authorize exploration rights of gold is in favor of the company Mineração Buco-Zau, which will act in an extension of 331.75 square kilometers.

According to an Executive Order, published in Diário da República, dated December 21, 2017, Sociedade Mineração Buco-Zau, will invest five million US dollars to exploit this mineral resource.

In turn the same amount will also be invested by Sociedade Mineradora Lufo, which will explore the gold in an extension of 375.01 square kilometers, in the municipality of Belize, according to the same Executive order.

According to the document that reached Angop Thursday, the competent ministerial department of the incumbent Ministry authorized to issue the guide of collection of the referred rates, in relation to the first year of exploration.

The diploma further clarifies that the term of validity of the mining rights envisaged will have the duration within the limits established by law, corresponding to the lifetime of the mine estimated in the technical-economic and financial feasibility study (EVTEF).

Source: Angop

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