ANGOLA Law and Practice Contributed by: João Afonso Fialho, Marizeth Vicente and Lukeny Pascoal, VdA
1. Mining Law: General Framework 1.1 Main Features of the Mining Industry Angola is one of the most mineral resource-rich countries in the world, with substantial depos - its of diversified minerals, including diamonds, gold, iron ore, phosphates, copper, manganese and rare earths. Still, a very significant part of the country’s mineral deposits remains unexplored, creating great opportunities for further invest - ment. The in-depth legislative reform promoted by the government in 2018–20 to attract investment in the industry to the benefit of investors, the state and the Angolan population has already shown signs of return by attracting major mining com - panies to reinvest in Angola. Angola is now the sixth largest diamond pro - ducer in the world, with a production target of 10–15 million carats in 2023. The largest Ango - lan diamond found in the last 300 years, a pink diamond of 170 carats, was discovered in 2022 in an alluvial diamond project and named “Rosa do Lulo”. Although most investment has been directed to diamonds, investors have also been showing interest in other minerals, such as gold, copper and rare earth minerals. The government is also determined to promote local beneficiation. The launch of the Saurimo Diamond Development Pole set the cornerstone for this venture. With an initial investment of around USD77 million, the pole covers an area of more than 300,000 metres in the eastern prov - ince of Lunda Sul and includes diamond cutting facilities as well as training centres and shopping facilities.
1.2 Legal System and Sources of Mining Law Angola has a civil law legal system. The Mining Code, approved by means of Law 31/11, of 23 September 2011, contains most of the rules governing the mining industry and min - eral operations, from exploration to processing and marketing of all types of minerals. In addition to the Mining Code, there are other legal statutes governing the mining sector, nota - bly the following: • Law No 8/24, of 3 July, which is the Law to Combat Illegal Mining Activity; • Presidential Decree No 51/24, of 6 February, which approves the Regulation on the Exer - cise of Activities for the Exploration of Min - eral Resources, Oil and Gas in Conservation Areas; • Presidential Order No 39/24, of 26 January, which creates the National Observatory to Combat Illegal Immigration, Exploitation and Illicit Trafficking of Strategic Mineral Resourc - es; • Angolan National Bank Order No 2/23, of 9 February, which approves the foreign exchange regime applicable to the mining sector; • Joint Executive Decree 536/22, of 25 October, which approves the fees and charges appli - cable to the Mining Sector; • Presidential Decree 161/20 of 5 June (as amended by Presidential Decree 6/22, of 12 January), which establishes the National Agency for Mineral Resources; • Presidential Decree 143/20, of 26 May, which approves the Governance Model for the Min - ing Sector; • Presidential Decree 85/19 of 21 March (as amended by Rectification 18/19, of 28 June),
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