ANGOLA Trends and Developments Contributed by: João Afonso Fialho, Marizeth Vicente and Lukeny Pascoal, VdA
VdA Rua Dom Luís I 28 1200-151 Lisboa Portugal Tel: +351 21 311 3400
Email: vieiradealmeida@vda.pt Web: vieiradealmeida@vda.pt
Preliminary Remarks Angola has a strategic geographical location and is currently the second-largest African producer, and the fourth-largest global producer, of dia - monds, despite the fact that most of the coun - try’s interior has not yet been explored. As regu - latory reforms take effect, however, more mining companies are investing in Angola. Throughout 2022 and 2023, investments such as the De Beers, Anglo American, Rio Tinto, and Pensana Rare Earth Metals projects boosted the mining sector and its reputation as a reliable and trans - parent jurisdiction for investment, in which the country’s recent admission to the international Extractive Industries Transparency Initiative (EITI) should also play a role. Industry Trends The Angolan mining industry is expected to continue to be dominated by diamond explora - tion and production in the coming years, which accounts for about 90% of total mining reve - nues, and is expected to encourage the crea - tion of “level one” mines, according to the Ango - lan government. With the ongoing demand for strategic minerals, non-ferrous metals and rare earths expected to increase dramatically due to the global energy transition and the use of stra -
tegic minerals in lithium-ion batteries, this sector is expected to significantly increase its contri - bution to the country’s gross domestic product (GDP) growth. In October 2024, the country hosted the AIDC 2024 (Angola International Diamond Conference 2024), which analysed several important topics related to: • geological mining research; • diamond exploration in Angola; • diamond cutting; • technological innovation; and • logistics in the industrial and semi-industrial sector. The AMC 2025 (Angola Mining Conference 2025) is expected to happen in February 2025. Developments – Investments and Pensana Rare Earth’s Longonjo project is also worth noting. The Longonjo project is set to become the first large-scale NdPr (neodymium and praseodymium) rare earth mine in Africa, with a production target of 56,000 tonnes per Governance Investments
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