t4p you make some good points and I'm very happy to accept correction and elucidation regarding CVI's approach to the locals. I do recall coming across some mentions in recent reading - if they get the chance they'll certainly be better than the Chinese who only care about controlling resources. My concerns on exploitation relate more to the view that I have formed about the overall value of the land grab (not just CVI), as its been styled, in terms of lasting economic development for Angolans.
I'm inclined to the view that poverty in Africa is largely a factor of stalled economic growth over a long period, even hundreds of years. Stalled to the point that much of the population of Africa, despite excellent mineral resources in most countries, subsists at a level that individuals simply have no personal resources to grow and create wealth. For those that haven't read it I would recommend the book "The End of Poverty" by Jeffrey Sachs.
Frankly I haven't seen anything yet about the Angolan government that gives me the confidence to think that they are any different to those that have preceded them across much of the continent. Mining and oil exploration and production should be the trigger and foundation but I have many doubts which are compounded by the knowledge that most countries dependant upon resource wealth trend to poverty not greater wealth.
I don't like the structure of government which is really rule by presidential decree although elections next year will be a good test. Business seems to smell too much of cronyism and have too many queries about the clarity and certainty of CVI deals to be confident that wealth will disperse to where its needed. Of course every country has to start somewhere and Angola has experienced large growth in recent years but a country that was rated one of the 10 most corrupt in the world just 3 years ago has a big big journey in front.
I must admit that I'm probably over sensitive to sovereign risk issues at present after being burned in Iran on my position in UCL. I currently have an approach that says an investment needs to stand up well to a negative scrutiny for me to want to get in - this one doesn't for me. Some interesting prospects aside the country and company are pale, for me, in comparison to say the overseas stories of OXR/Hegarty and TZN/Moriarty where somewhat comparable risks have been taken by junior explorers.
Anyway enough of that on this subject from me. We'll all form our own opinions and I'll be delighted for all of you if I'm proven wrong.
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