A gold exploration project was inaugurated in Cabinda province last week, representing a $15.2 million investment. This project anticipates an estimated annual production of 3,900 ounces from secondary deposits.
The inauguration ceremony was officiated by Diamantino Azevedo, the Minister of Mineral Resources, Oil, and Gas, along with Cabinda’s Governor, Mara Quiosa.
The project’s goal is to explore gold in Cabinda, with an expected annual production of 8,900 ounces from secondary deposits.
The Ministry of Mineral Resources, Oil, and Gas, in a statement accessible to VerAngola, confirmed this inauguration.
During the event, Minister Diamantino Azevedo emphasized that the launch of gold production would contribute to increased tax revenue, economic diversification, job creation, foreign investment, gold as a monetary reserve, and enhanced exports.
He also urged the project promoters to commit to local development, particularly by creating job opportunities for the youth and promoting other economic activities.
Azevedo also highlighted the project’s adherence to safety and environmental standards and called for support from local and traditional authorities to ensure it becomes a benchmark for responsible practices and environmental respect, setting the tone for future projects.
This gold exploration project is situated in the Belize municipality, covering an area of 875.01 square kilometers. It falls under the responsibility of Sociedade Mineira de Luto.
The project currently employs 248 individuals, including 298 Angolans and 10 foreigners, and includes the planting of 15,000 tree seedlings from 18 different species for reforestation purposes in areas affected by the project’s activities. Additionally, it monitors the physicochemical parameters of the surrounding water bodies.
In terms of investment, the statement mentioned that approximately $5.2 million has already been invested in the project from 2015 to 2028.
This initiative represents the second such project in Cabinda province, with further developments expected by 2030.
