Africa Angola Diamond Mining Natural Resources Tax

Angola diamond cooperatives risk losing license if not generate tax revenues

Diamond cooperatives, which within two years do not turn out to be competitive and do not contribute with tax revenues, will lose their exploration license, the National Director of Mineral Resources, Andre Buta, said on Friday.

In addition to the demands, the law also requires that cooperatives should increase the number of jobs and contribute to the fight against poverty and improvement of the living conditions of the population.

The official, who made the statements at the opening of the second council of Catoca mining society Extended Board of Directors, stressed that the country has about 270 cooperatives, of which 50 percent are in operation.

He also explained that the country possesses seven large-scale diamond projects in operation, as well as 35 companies involved in the exploitation of ornamental rocks.

Source: Angop

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: