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Proposed mining code amendment ensures more investment security

Luanda - A draft law on changing the Mining Code, in force three years ago, was reviewed Friday during a meeting held by the Real Economy Commission of Cabinet Council in Luanda.

The document is intended to provide the investors with greater legal security.

The bill will allow legal conditions to capture the flow of investment in the country under the implementation of the National Plan of Geology and Mining (Planageo).

The information was released to the press by the incumbent minister, Francisco Queiroz at the end of the 12th ordinary session of the Real Economy Commission.

The minister said that in the three years of the Mining Code the sector recorded substantial changes, including the Planageo.

With the implementation of Plangeo, he said, the sector foresees high flow of investments.

The main purpose of the draft law on amendment of Mining Code is to facilitate conditions for the investment by simplifying procedures and time, he said.

According to him, the initiative will allow the sector greater capacity to intervene in the investment decision.

The bill suggests, among other things, increasing the value of the investment from 25 million to 50 million kwanza.

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