Angola’s new mining code brings advantages to investors The Mining Code in place in Angola since 2011 will make its possible for investors to take a majority stake in mining companies, to reduce their tax burden from 35 percent to 25 percent and allow a single contract to be signed covering prospecting and exploration, the chairman of diamond mining company Endiama said Friday in Luanda.
Speaking about business opportunities in the diamond sub-sector, at the first meeting to promote mining investment in Angola, Carlos Sumbula said that reasons to invest were high quality diamonds, an enormous kimberlitic potential, price stability, an attractive taxation system, and political, social and economic stability.
Cited by Angolan news agency Angop, Sumbula said that, in terms of prospecting projects that needed investors, Empresa Nacional de Diamantes de Angola (Endiama) was currently promoting 108 projects, seven were being negotiated and 11 approved.
As for the prospecting projects that were underway, he noted there were 17 kimberlite projects and 14 alluvial diamond projects in the provinces of Lunda Norte, Lunda Sul, Malanje, Kwanza Sul and the central plateau region.
Sumbula noted that the strategy of storing diamonds adopted by the Angolan government had led to a rise in prices, which currently stands at US$130 per carat, as compared to US$30 at the time of the international crisis in 2008/2009. http://www.penhall.id.au/angola%E2%80%99s-new-mining-code-brings-advantages-to-investors/
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