With the potential to reach a diamond production level of approximately 14.6 million carats this year, Angola’s mining industry is well-positioned for significant growth under the country’s newly approved National Development Plan 2023-2027.
Boasting political stability and strategic access to international markets, a strict adherence to regulations governing the establishment of mining companies in Angola will be crucial for the country to secure funds for investment in the sector.
In February 2023, Angola strengthened its ties with diamond company De Beers through the signing of an MoU designed to support the country’s alluvial mining sector while enhancing social development.
The agreement was signed between De Beers, Angola’s National Minerals Resources Agency, and the country’s state-owned mining and trading companies Endiama and Sodiam.
Meanwhile, in a move set to strengthen Angola’s mining sector on the international stage, the Geological Institute of Angola and the United States Geological Survey signed a protocol on November 2023 to establish scientific cooperation between the two countries.
Under the protocol, the U.S. will support Angola in mapping its mineral resources. Yet to explore up to 60% of its diamond-rich territories, the agreement is poised to attract more investments to Angola.
During the same month, Angola’s National Minerals Resources Agency signed three copper exploration contracts with mining company Ivanhoe Mines.
Under the agreements, the company received extensive prospecting rights covering 22,195km2 in Angola’s Moxico and Cuando Cubango provinces – which are believed to host an extension of the Central African Copperbelt.
Partnerships and regulatory enhancement continue to showcase Angola’s attractiveness as a highly prospective investment destination.
In 2024, the country’s official energy conference and exhibition Angola Oil & Gas (AOG) 2024 will continue to present lucrative opportunities for foreign players to participate in Angola’s mineral industry.
As an established mining market, Angola remains committed to a prosperous future built on industrialization, diversification and regional economic growth.
Angola announced the start of operations at its Luele Mine – the largest diamond mine in the country – in November 2023, which is expected to double the country’s diamond production and contribute significantly to its GDP growth.
The country has the potential to reach a diamond production rate of 17.5 million carats by 2027 through its Saurimo diamond hub, an initiative spearheaded by the government to invite investors from the diamond sector to support localization and employment generation in the country.
Private investment in Angola’s greenfield and brownfield activities – which will be showcased at AOG 2024 in Luanda on 2-4 October – are expected to lead to increased exploration work in the coming years. Meanwhile, resilience and a strong growth potential in the country’s mining industry is poised to foster optimism for future developments.
