News Bureau

August 10, 2017

Now Angola enters gold trading!

Four national companies have received in Luanda the contracts that give them the right to publicly trade gold extracted by artisanal producers in the Angolan territory. The trading contracts were handed over by the Ministry of Geology and Mining.

On the occasion, the incumbent minister, Francisco Queiroz, said that the emergence of companies with gold trading contracts allows the strategic organization of artisanal production as a specific component of the gold exploration chain in the country.

Organized trading of gold of artisanal production also contributes to combating illicit possession of gold and its illegal export to other markets without obtaining benefits for the country. On his turn, the chairman of the Board of Directors of the Gold Agency, Moisés David, informed that since the creation of the agency in 2014, about 40 applications for licensing were received.

Taking into account the strict criteria required, he said, out of this number, only 10 companies were qualified. Out of these 10, in this first phase only four are receiving their contracts. "With the licensing of these companies, it is expected that in the near future the registration and formalization of the informal operators will be made, as well as the conclusion of the work related to the regulation of the gold market, namely the legal regime of precious metals" , he said.

Illegal mining now occurs most heavily in the northern Cabinda province, although there are reports of illegal exploration in Cuanza Norte, Huíla and other regions of the country. With this act, the Ministry of Geology and Mining intends to contribute to the increase in the collection of tax and exchange revenues for the State and the insertion of the national business in the gold market.

According to the Angola, previously they have decided to begin of gold mining in Huíla province as from 2018 could set the re-launch of exploration of the region’s huge geological and mineral resources potential, currently limited to the extraction of ornamental rocks and mineral water.