ANGOLA Law and Practice Contributed by: João Afonso Fialho and Marizeth Vicente, VdA
1. Mining Law: General Framework 1.1 Main Features of the Mining Industry Angola is one of the most mineral resource-rich coun - tries in the world, with substantial deposits of diver - sified minerals, including diamonds, gold, iron ore, phosphates, copper, manganese and rare earths. Nonetheless, a very significant part of the country’s mineral deposits remains unexplored, creating great opportunities for further investment. The in-depth legislative reform promoted by the gov - ernment in 2018–20 to attract investment in the indus - try to the benefit of investors, the State and the Angolan population has already shown signs of return by attract - ing major mining companies to reinvest in Angola. Angola is now the largest diamond producer in Africa, following more than two decades of Botswana’s domi - nance in the sector. According to data from the Kimberley Process, Bot - swana’s diamond production in 2024 declined signifi - cantly. The revenue generated amounted to USD1.3 billion, falling below the USD1.4 billion achieved by Angola, which maintained stable production levels throughout 2024, enabling it to surpass its rival. Although the difference is marginal, it was sufficient to change the historical leadership and to reinforce Angola’s role as a key player in the global diamond industry. In the first half of 2025, 6.8 million carats of rough diamonds were produced by Endiama and its affili - ates, with particular emphasis on Sociedade Mineira do Catoca, which exceeded its target by more than 40%, and Sociedade Mineira do Luele, which record - ed a 35% growth compared to the same period of the previous year, albeit slightly below its annual plan. Catoca and Luele accounted for 91% of national pro - duction during the semester, evidencing the opera - tional stability of the main active units. Between Janu - ary and September 2025, Angola accumulated 10.7 million carats, reaching 72.3% of the annual target of 14.8 million carats set under the National Devel -
opment Plan (NDP). The outlook was to surpass this target by year-end of 2025. During the same period, approximately USD216 mil - lion was invested in the sector, with particular focus on the Luele project, currently in its “run-up” phase, con - solidating the government’s commitment to a modern, sustainable mining sector that generates economic and social value. At the international level, the market faces disruptions caused by the growing production of synthetic dia - monds, which have negatively influenced prices and demand for natural diamonds. Reduced consump - tion in the United States, high inventories of polished stones, and increased tariffs on Indian jewellery have affected major cutting centres – such as India, which is currently operating at only 60% of its capacity. Despite this scenario, Angola exported 8.18 million carats of rough diamonds between January and Sep - tember 2025, valued at USD790.43 million, with an average price of USD96.7 per carat. The United Arab Emirates, Belgium and Hong Kong absorbed more than 90% of national exports. Compared to the first half of 2024, the exported volume grew by 108.9%, although the value recorded a 14% decrease. Nevertheless, the projections for the end of 2025 were encouraging for Angola, and it is estimated that global production of rough diamonds will remain below 100 million carats, interrupting the growth trend of the last decade – this scenario is advantageous for countries such as Angola, which stands out for its supply of gem-quality diamonds. Diamonds currently account for 15%–20% of Ango - la’s total export earnings, reinforcing their role in eco - nomic diversification. The largest Angolan diamond found in the last 300 years – a pink diamond of 170 carats – was discov - ered in 2022 in an alluvial diamond project and named Rosa do Lulo . This exceptional stone remains an iconic symbol of Angola’s prominence in the global diamond market.
11 CHAMBERS.COM
Powered by FlippingBook