Industry News by Nemesis

Angola: U.S.$2.5 Billion Needed for Mining Projects

January 3, 2016

At least USD 2.5 billion are needed by the Ministry of Geology and Mining to put in motion iron, copper, phosphate and gold mining projects in the provinces of Lunda Sul, Cuando Cubango, Cuanza Norte, Uige, Zaire and Huila late in 2016 or early 2017.


This was said Wednesday in Luanda by the minister of Geology and Mining, Francisco Queiroz, who mentioned the need for organisation of the sector next year to attract funding.


According to the minister, the above mentioned projects are the most structured and advanced ones and should they be implemented in five years time, they could produce 3,500 jobs.


The sector is also considering to ensure that the National Geology Planning (Planageo) proceeds in 2016, without suffering the financial constraints experiencing the country, it was said.


At present, according to the minister, of the 22 blocks established under Planageo, 16 have been completed, which amounts to 77 percent of the geophysical stocktaking phase.


Francisco Queirós announced that the laboratories will be ready in March 2016.


Commenting on the work done in the diamond sector this year, the minister said that including the December production, a total of 8.8 million carat is expected.


He added that of the above mentioned amount, 8.2 million carat from industrial production and 851,9 from artisan production, corresponding to Usd 1.1 billion worth of net revenues.


The above figures (8.8 million carat), the minister added, can be considered a record, taking into account the hard times the diamond sector is going through with the fall of the prices on the world market.


However, the official explained, the above figures are a drop as compared with last year's 8.7 carat, estimated at Usd 1.3 billion, against the 1.1 billion of this year.


As to the sub-sector of ornamental rocks, there was a production of 39,533 cubic metres, which represents 71,4 percent accomplishment and Usd 8.3 million, against the predictions of the Government-drafted National Development Plan of Usd 6.6 million, Queiroz said.


Source: All Africa

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