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Economy Local News

Private Sector Investments Hit $1.7B Over 5 Years

The Angolan economy has attracted $1.7 billion in investments from global private sector entities in the last five years, according to the country’s Private Investment and Export Promotion Agency (AIPEX). Chairman of the Board of Directors of AIPEX, Lello Francisco, disclosed that these investments have materialized into the realization of 211 projects, concentrated primarily in the productive sector encompassing manufacturing, agriculture and trade. The projects initiated as a result of the investments are expected to

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Diamonds Economy Local News

ENDIAMA Reports $1.5 Billion Turnover for 2023 Amidst Market Pressures

The National Diamond Company of Angola (ENDIAMA) disclosed a 2023 turnover of $1.5 billion, attributable to the production of over nine million carats. The announcement came during a press conference in Luanda, where Ganga Júnior, the President of the Board of Directors, presented an overview of the year’s activities. Ganga Júnior acknowledged a decrease in profit, citing investments in prospecting projects, reinforced mining activity, and challenges in diamond sales on the international market. ENDIAMA’s net

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Diamonds Local News

Endiama presents balance sheet for the 2023 financial year

The National Diamond Company of Angola (Endiama) presented, on Wednesday January 17th in Luanda, at a press conference, the balance of actions for 2023 and the goals to be achieved in 2024. The chairman of the Board of Directors, José Ganga Júnior, presented data and disseminated information on Endiama’s evolution over the past year, as part of the celebrations of the diamond company’s 43rd anniversary, created on January 15, 1981. According to available data, Endiama raised, in

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Local Economy News

Menzies Aviation Announces Joint Venture with SGA Angola

Aviation services company, Menzies Aviation, has established a joint venture with Angolan airport management company, Sociedade Gestora de Aeroportos (SGA-SA). Dubbed Menzies Angola, the joint venture will be responsible for delivering cargo and lounge services at the Luanda International Airport – the main international airport in Angola. Menzies Angola will serve a number of regional airlines – including Angola’s national carrier, TAAG-Angola Airlines, and Ethiopian Airlines – as well as international carriers including Air France

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Local Mining News

Angolan sovereign wealth fund satisfied with Longonjo construction progress

Angolan sovereign wealth fund Fundo Soberano de Angola (FSDEA) is “delighted to see the excellent progress” that is being achieved on site at the Longonjo rare earths project, as this is an important project for the entity, FSDEA chairperson Armando Manuel has said. On January 10, London-listed Pensana Rare Earths and its local subsidiary Ozango Minerais welcomed the full board of FSDEA to Longonjo for a site inspection. The six members of the board were

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Mining Local News Oil Transport and Logistics

Lobito Corridor and Sonangol Could Create New Opportunities in Sustainability for Westerners

Access to charging stations is not the only factor limiting the wide-spread adoption of electric vehicles in the United States. Experts are concerned that, in the coming years, EV sales could be further dampened by the diminishing supplies of a material most Americans have thought little about since high school chemistry: cobalt.  A heavy metal found primarily in central Africa, cobalt is an essential component of the batteries used to power electric vehicles. And for

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Local Mining News

Pensana’s Longonjo Rare Earths Project in Angola gets mining title approval

The Longonjo Rare Earths Project, which spans 21 km2, is located near the town of Longonjo in central Angola and near Lobito Corridor’s Benguela Railway. Australia-based Pensana Rare Earths said that its subsidiary Ozango Minerals has secured approval from the Angolan President for the exploitation of the Longonjo Rare Earths Project in the Central African country. President João Lourenço approved the company’s mining title, which will be valid for 35 years, for the mining of

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Local News Petroleum

Sonangol confirms existence of Oil in the Cuanza onshore Basin

Sonangol confirmed, on Thursday, the existence of oil in almost the entire thickness of the Cuanza Onshore Basin, after drilling “considered very positive”. In a press release that was released today, the state oil company states that the discovery significantly increases the remaining potential of the Tobias field. “The production capacity of the well will be verified after tests are carried out to be carried out soon”, the note adds.  According to the document, the

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Mining Local News

Multinational Rio Tinto to explore base metals in Angola

The Angolan Government and the Anglo-Australian multinational Rio Tinto Explotation LTD will sign, next Wednesday, January 17th, a mining investment contract, for the prospecting and exploration of base metals. According to a source from the Ministry of Mineral Resources, Oil and Gas, the project called “Moxico Concession” is located in the province of Moxico, and has an extension of 9,959 square kilometers. Operations in Angola Last year, the Australian multinational Rio Tinto, the second largest

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Oil Local News Petroleum

Minister of State: High price of a barrel of oil “no longer solves our problem”

The Minister of State for Economic Coordination, José de Lima Massano, stated, Wednesday, in Luanda, that the country is going through a moment in which it is not enough to just have “the highest price per barrel of oil or more oil production”, considering that “this is no longer what solves our problem”. When speaking at the 11th edition of CaféCIPRA, which is currently taking place under the theme “Impact of private investment in the

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