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Mining Local News Taxation

Mining Companies in Lunda-Norte Urged to Establish Tax Domicile

Mining companies operating in Lunda-Norte province have been urged to establish tax domiciles in the region, with only 36 out of 41 companies having completed the transfer to the Chitato Tax Office. This directive was revealed by the National Diamond Company (Endiama) website. At a meeting convened by Governor Deolinda Vilarinho, stakeholders discussed the need for increased attention to social responsibility actions by mining companies to mitigate environmental damage and uplift local communities. Concerns were

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Local Mining News

Deloitte Study Identifies Key Trends Shaping Mining and Metals Sector

A recent study by Deloitte, titled “Tracking the Trends 2024,” highlights ten key trends that are expected to influence the performance of the mining and metals sector over the next 12 to 18 months. The report emphasizes the importance of negotiating for growth while focusing on the future, indicating that mining companies need to prioritize purpose, social dynamics, and effective management to thrive in uncertain times. Francisco Correia, a partner at Deloitte, praised the development

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Local Economy

TAAG reduces National and one regional frequencies

The company Linhas Aéreas de Angola (TAAG) will not suspend any of its 29 national and international destinations in light of the difficulties, revealed Friday, in maintaining the aircraft fleet, due to the scarcity of foreign exchange, according to information obtained by the newspaper of Angola with the carrier. The company’s option is to reduce national frequencies, in a decision that only affects the Windhoek route, a regional destination to which the carrier flies seven

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Diamonds Economy Local News

Nation’s Diamond Production Soars to 9.772 Million Carats in 2023

Angola experienced a notable surge in diamond production in 2023, reaching 9.772 million carats, marking a 12% increase compared to the previous year. The Secretary of State for Mineral Resources, Jânio Correia Victor, credited this growth to industrial recovery, with Sociedade Mineira de Catoca contributing significantly to the sector’s success by accounting for 71% of total production. While celebrating the growth, Victor highlighted that the total production fell short of the established forecast by approximately

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Economy Local News

World Bank Grants Angola $300M

The World Bank has granted Angola $300 million to help accelerate Angola‘s economic diversification, with a key emphasis on the private sector’s involvement. The funding is allocated under the Diversifica Mais project, which aims to expedite economic diversification processes and will be implemented nationwide over the next six years, with a specific focus on the Lobito corridor. According to the bank, $130 million will be allocated to boost investments for structuring and implementing public-private partnerships,

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Local Oil Petroleum

America in Angola: How U.S. Companies are Driving Oil Production

With plans to increase oil production to 1.18 million barrels per day (bpd) in 2024, Angola’s burgeoning hydrocarbons sector has created significant opportunities for global players. Boasting nine billion barrels of oil and 11 trillion cubic feet of natural gas, Angola has only just started to unlock the full potential of its resources. The country is primed to benefit from the capital and expertise of U.S. companies and investors, whose presence in the country has

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Local News Oil Petroleum

Etu Energias Launches Lubricant Line in Angola

Etu Energias, Angola’s largest private oil company, has inaugurated a lubricant production line in collaboration with Glide Technology, a prominent petroleum product producer in the region. The partners have established a joint venture company to spearhead the development of a state-of-the-art lubricant production facility in Luanda, the capital of Angola. With a production capacity of 1,000 tons per month, the facility is set to commence construction in 2025, requiring an investment of $5 million. Anticipating

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Local News Technology & Innovation

Angola and Estonia Sign Digital Cooperation MoU

Angola and Estonia have taken a significant step towards enhancing collaboration in the digital sector by signing a memorandum of understanding (MoU). President João Lourenço and his Estonian counterpart, President Alar Karis, formalized the agreement during President Karis’s official visit to Luanda on March 8. The MoU aims to foster cooperation between the two nations in digital technology, with a focus on knowledge sharing and expertise exchange. Estonian digital entrepreneurs will play a pivotal role

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Local Economy News

IMF defends continued removal of Fuel subsidies this year

The International Monetary Fund (IMF) considers that the Government will continue with the gradual removal of fuel subsidies, as long as the process is accompanied by mitigation measures, such as the direct transfer of income to the vulnerable population, in order to offset the effects adverse, declared, this Monday, in Luanda, the resident representative of the financial institution. Victor Lledo added, in the presentation of the Article IV assessment report (from the IMF to member

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Economy Local News

Central bank increases exposure to the Euro

The National Bank of Angola (BNA) plans to increase exposure to the Euro, in a decision explained by the return to positive interest rates in the European monetary bloc and geopolitical factors that have led central banks to diversify reserves. “The BNA intends to increase exposure to the Euro, but not necessarily to the detriment of other currencies,” declared the central bank in a statement cited by Reuters. “For a decade, the Euro was in

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