Recent Study: Angola Mining Report Q3 2014

Angola's mining industry is set to reach USD7.5bn in 2018, growing at an average rate of 5.3% a year. The rate of growth will remain stable thereafter, with diamonds providing the main thrust for production growth over the medium term. New areas of mining, including iron ore, copper and phosphates, are also receiving increasing international interest from investors and are expected to provide further momentum for Angola's mining sector over the long term. That said, we do not expect the mining sector to receive much attention from the government as the country's burgeoning oil sector attracts the lion's share of investment. Therefore, problems relating to mining such as poor infrastructure and stringent bureaucracy are unlikely to be resolved in the near term.

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Prospecting To Begin In Kwanza Sul

In 2013, Angola-based diamond miner Sociedade Mineira de Catoca (SMC) was awarded the rights to carry out prospecting for diamonds in the province of Kwanza Sul. The announcement followed the completion of surveying work by SMC in the mining zones of Gango and Quitubia, both of which encompass a concession area of 3,000km sq. The company installed equipment for prospecting in the area in Q313 in addition to carrying out demining and geological analysis of the region. The project will be the first diamond mining enterprise in Kwanza Sul province and is the culmination of ongoing attempts to launch exploration projects at Gango and Quitubia since 2001. This and other projects will ensure that diamonds dominate Angola's mining sector for the foreseeable future.

Regulatory Environment To Boost Investment

Operators in Angola's mining sector are starting to reap the benefits of a new mining code, whose longawaited introduction came into effect at the end of 2011. In compiling all existing mining laws and regulations, it is hoped that the new code will ensure greater cohesion in the country's natural resources sector than the original code that was introduced in 1992. The new legislation will apply to all aspects of the prospecting, exploration, research, appraisal and exploitation of all natural resources located within the country's borders, with the exception of gaseous and liquid hydrocarbons. A specific section of the code is dedicated to offshore mining activities and licensing. Among the greatest benefits of the new code to overseas investors has been the removal of obstacles preventing investors from taking a majority stake in locally owned companies. In addition, contracts for prospecting and exploration will now be covered by a single mining agreement with the government, while the amount of tax payable by mining firms to the state has been lowered from 35% to 25%.

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