London-listed Pensana has secured full financing of $268 million for the development of its Longonjo rare earth project in Angola, marking a significant step forward for the global magnet metal supply chain. The Africa Finance Corporation (AFC) has approved a $81.2 million contribution to a $160 million syndicated loan facility, alongside South Africa’s Absa Bank. This facility will cover 60% of Phase 1 funding, subject to final loan documentation and conditions precedent. The remaining funding
Australia-listed Lucapa Diamond Company has finalized its Mineral Investment Contract (MIC) for the Lulo Joint Venture (JV) in Angola, increasing its ownership stake to 51%. During a three-day meeting in Angola, the MIC committee and JV partners—including Endiama, Rosas & Petalas, and Lucapa—agreed on all outstanding details. The final agreement has now been submitted to the Angolan Ministry of Mineral Resources and Petroleum for formal signing. A signing ceremony is expected soon, with Lucapa set
The exit of Russian diamond company Alrosa from Angola’s Catoca and Luele mines was officially finalized on Monday through the signing of three agreements between Endiama, Angola’s national diamond company, and Taaden, a state-owned mining company from Saudi Arabia. Endiama Chairman José Ganga Júnior explained that Alrosa’s departure was driven by operational difficulties stemming from sanctions imposed on Russia. Over the past 15 months, efforts were made to secure a viable solution for Catoca and
Angola’s National Agency for Petroleum, Gas, and Biofuels (ANPG) has signed a memorandum of understanding (MoU) with Vietnamese company Xuan Thiên Group (XTG) to explore the oil potential of the Etosha Okavango Basin. The agreement, signed in Luanda, marks a significant step toward assessing the region’s hydrocarbon resources. Key Highlights of the Agreement 
Exploration Scope: The study will cover approximately 300,000 square kilometers in the Etosha/Okavango Basin. Seismic Data Acquisition: The project includes obtaining
Afentra plc has confirmed ongoing negotiations to acquire interests in Blocks 3/05 and 3/05A from Etu Energias, though a final agreement is not yet guaranteed. The company intends to finance the acquisition using existing cash reserves, pending regulatory and government approvals. In collaboration with Sonangol and joint venture partners, Afentra is developing a strategic plan to boost production, expand reserves, and maximize asset value in these blocks. As an upstream oil and gas company, Afentra
Most mining companies operating in Angola’s Cabinda province, particularly in the gold sector, risk losing their exploration licenses due to non-compliance with government regulations, warned Angola’s Secretary of State for Mineral Resources, Jânio Corrêa Víctor, on Saturday. Speaking to the press during a two-day working visit to Cabinda, Víctor revealed that out of 11 licensed gold projects in the province, only one has delivered tangible results, while the rest remain inactive. He noted that Angola
Angola’s oil tax revenues reached 975.88 billion kwanzas in January, a 25.35% increase from the 779 billion collected in December, according to the Ministry of Finance. This growth was driven by gas tax payments, which contributed 148.64 billion kwanzas, alongside increases in concessionaire revenues and petroleum production tax, which rose by 24.78% and 26.86% to 570.56 billion kwanzas and 43.70 billion kwanzas, respectively. Despite this revenue boost, oil exports and the average price per barrel
Trans Atlantic Gem Sales (TAGS) and Angola’s state-owned diamond trader, Sodiam, successfully sold more than $15.4 million worth of large rough diamonds at their first tender of the year. The sale, held from March 5 to 13 in Luanda, featured 36 diamonds over 10 carats, including seven stones exceeding 60 carats. Approximately 95% of the goods found buyers. TAGS, which markets production from seven Angolan mines—Lulo, Tchegi, Somiluana, Kaixepa, Chitotolo, Catoca, and Luele—saw contributions from
Angola has identified 34 of the 54 critical minerals recognized by the European Union and is intensifying exploration, production, and downstream projects to unlock its mining potential. The government is actively promoting investment across the critical mineral value chain to drive economic diversification and boost revenue from the sector. Several mining projects are progressing across Angola. In January 2025, UK-based Pensana secured funding from South Africa’s Absa Bank to accelerate the development of the Longonjo
Sonangol has reaffirmed its exclusive ownership of the Barra do Dande Ocean Terminal (TOBD) and emphasized the transparency of its management, aiming to address recent claims regarding alleged overpricing in the terminal’s construction and concerns about its ownership being registered in favor of a private entity, Enagol. In a statement released Thursday, Sonangol clarified that the TOBD is a strategic asset under its sole ownership. “TOBD is a strategic asset owned exclusively by Sonangol, and
