Angola opens first gold refinery in 2026 to boost mining value, reduce reliance on oil and diamonds
Angola, Africa’s second-largest oil producer, is set to operate its first gold refinery in the first half of 2026, signaling a push to diversify its economy and extract more value from mineral resources.
The refinery, located in Viana near Luanda, has a processing capacity of approximately 20 kilograms per day.
Construction and equipment installation have been completed, with commissioning and final technical adjustments now underway, according to Paulo Tanganha, Angola’s national director of mineral resources.
The project reflects a broader trend across resource-rich African economies to process minerals locally rather than exporting raw materials, boosting foreign exchange earnings, creating jobs, and reducing exposure to commodity price fluctuations.
Historically, Angola has depended heavily on crude oil and diamonds for revenue, leaving it vulnerable to global market volatility. Recent reforms have focused on expanding the mining sector amid long-term risks to oil output and pressures from the global energy transition.
Tanganha emphasized that rising gold production would be crucial to supplying the refinery and supporting the government’s diversification agenda.
Diamond production and mineral exploration
Despite a downturn in global diamond prices, Angola produced about 15 million carats in 2025, surpassing targets outlined in the 2023–2027 National Development Plan.
The country still sees strong long-term potential in diamonds due to untapped reserves and new exploration opportunities.
Authorities are also accelerating exploration of other minerals, including iron ore, copper, manganese, niobium, phosphate, and rare earth elements, the latter expected to begin production by 2027. These minerals are critical for agriculture and clean energy technologies.
Currently, the mining subsector contributes around 2% of GDP, while the broader extractive industries, including oil and gas, account for over 30%.
The sector employs more than 50,000 people and has issued approximately 60 licenses for prospecting and exploration.
The launch of the gold refinery is expected to strengthen Angola’s position in Africa’s mining industry, as governments across the continent compete to attract investment and climb the global commodities value chain.
Picture Credit: Timothy Kambidima
