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Angola Mining Report Q1 2011
Business Monitor International, Dec 2010, Pages: 53
The Angola Mining Report provides industry professionals and strategists, corporate analysts, mining associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Angola's mining industry.
It seems increasingly likely that 2010 will end without Angola having adopted a new Mining Code, which had been expected during the year. The most recent commentary surrounding the code came from the Reuters newswires during June 2010, when a report stated that the new law will toughen up regulations on how diamond miners can distribute their revenues generated from projects being conducted within Angola.
According to an official from state-run diamond concern Endiama, the new law is reportedly looking to compel diamond miners to use 50% of their revenues to pay for operational costs, with the other 50% used to pay taxes and investors and also to develop the local community. At present, the only stipulation set out in the existing Mining Code is the need for all mining companies operating in Angola to pay a 35% ‘profit tax’ to Endiama.
Elsewhere, there have been other local media reports stating that the revised mining code is also expected to compel miners to present environmental impact assessments (EIAs) before new mining projects are approved by Luanda.
As ever, BMI will monitor the situation on the ground and will report on the details of the new Mining Code as soon as they are made public. The new code is expected to refresh existing mining regulation dating from 1992, which then minister of geology and mining Mankenda Ambroise claimed in 2009 was ‘inappropriate’ to the current situation within the country. Efforts to draft a new mining law have been ongoing since 2006.
Diversifying Angola’s Mining Base
Reports across 2010 have indicated that Angola is pressing ahead with moves to diversify its mining base away from a primary reliance on diamonds. The Macauhub website reported that copper mining looks set to resume in the Mavoio region soon, potentially around the site of the former Mavoio mine, which operated between 1936 and 1961. In addition, Reuters had reported that the government was hoping to make a decision on the partnership structure for a planned new US$6bn iron ore and manganese project before year-end 2010, although this now seems unlikely. Ferrangol is hoping to launch the mine at Lubango in partnership with a private company, according to media reports.
Country Overview
Angola was historically a major producer of diamonds, iron ore, gold and copper before independence. However, the ensuing civil war disrupted its infrastructure, significantly slowing the pace of exploitation of its metals and minerals base. Following the end of the 27-year conflict in 2002, the Angolan mining industry, along with the economy, has grown rapidly. Angola is globally the fifth largest producer of diamonds by value, supplying 7-9% of world diamond output. The country hosts large diamond reserves, principally in the provinces of Lunda Norte and Lunda Sul.
The majority of Angola’s diamonds comes from alluvial deposits. However, state-owned mining company Endiama is confident that there could be large-scale deposits in shafts of volcanic rock throughout the country. Companies that wish to explore for diamonds in Angola have to do so in partnership with Endiama, as is stated in Angolan law. Moreover, their ownership in any diamond mine is limited to 40%.
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