Industry News by Nemesis

Will Endiama Be Privatized?

July 7, 2019

 

Angola's Minister of Natural Resources and Oil announced during a visit to Lisbon, Portugal, that Angola's  national diamond company Endiama will be privatized and its stock will be partially floated on the stock exchange.

 

Minister Diamantino Azevedo told the Portuguese news agency Lusa that the Angolan government is reorganizing the activities of the Ministry and its state-owned companies. The ministry is in the process of creating "a mineral resources agency that will act as regulator and concessionaire." As a result, Endiama will relinquish the role of regulator and "a portion of its capital will be sold on the stock exchange."

 

The minister explained that the strategy for the mining sector closely follows the one adopted for the oil sector, where Sonangol is selling its non-strategic assets and will have a minority share of its capital floated on the stock market in 2020.

 

"The idea is the same, and the strategy for its implementation is now being drawn up," he said, adding that "the future Natural Resources Agency will benefit from all the experience and assets of the state-owned company that deals with precious metal and mineral resources." 

 

Source: Idex

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