Op-Ed: What can we expect from the future of Angola’s mining sector? – by Zandre Campos (CNBC Africa – March 20, 2019)

https://www.cnbcafrica.com/

Zandre Campos is the Chairman and CEO of ABO Capital.

Angola is currently the world’s fifth-largest producer of diamonds with 60 percent of the country’s diamond resources not yet utilized. Representing nine percent of the diamond value throughout the world, the country is mining high quality diamonds. Meanwhile, diamond mines around world are getting too old to explore.

Angola is primed to elevate its status as a diamond producer in Africa with the guidance of Angolan president João Lourenço who believes the country should flourish with the untouched natural resources in its mines. The vision by President Lourenço for mining production in the country will increase revenue and attract more investment opportunities in the nation.

The country’s plan to double diamond mining initiatives raises its expectations for growth worldwide in the industry as it affiliates with global trading center, Antwerp World Diamond Centre. The nation identified the importance of diversifying its exports to no longer be heavily reliant on oil, its leading export.

Angola’s mining resources are plentiful and bring promising prospects for the area. While, the country elevates its diamond production, expanding its exports of minerals with copper and iron ore empowers the country’s economic growth with new sources of revenue.

Since the civil war concluded in 2002, the nation has limited the exploration of mines throughout the country as the business environment was carefully navigated following the end of the war. Now, President Lourenço plans to double Angola’s diamond production up to 14 million carats during the next four years, which has experienced several big discoveries recently, including a 46-carat pink diamond in its Lulo mine last year.

For the rest of this article: https://www.cnbcafrica.com/news/special-report/2019/03/20/op-ed-what-can-we-expect-from-the-future-of-angolas-mining-sector/

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