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Agriculture, mining and energy key to Angola’s growth

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Manuel Francisco Pedro, the Chairman of the Board of Directors of the ZEE nominated in January 2023. Image credit: ZEE

Agriculture, mining and energy key to Angola’s growth

The mining, energy and agricultural sectors will play a critical role in the development of Angola’s economy over the next five years.

By Leon Louw, owner of WhyAfrica and editor of the WhyAfrica magazine

Angola hosts 36 of the 51 most valued minerals in the world, so it has enormous potential for economic profitability in the extractive industry.

In addition, Angola is one of Africa’s largest diamond producers. The national diamond company, Endiama, has been highly profitable and a minority stake in the company is up for privatisation.

Manuel Francisco Pedro, the Chairman of the Board of Directors of the Special Economic Zone of Luanda-Bengo (ZEE) in Angola, tells WhyAfrica in an interview that there are several early-stage iron ore, phosphate, copper and gold exploration projects underway in Angola.

In addition, there are 35 diamond prospecting projects being carried out, 10 of which are on Kimberlite deposits and 25 are on alluvial deposits.

Besides mining, Pedro says that agriculture is another focus area for the Angolan government.             

“We anticipate economic growth of 3.5% between 2023 and 2027, driven by economic diversification, especially agribusiness.

“Agribusiness is the government’s big bet for the next five years, and financing lines have been secured from the Development Bank of Angola. There are around 58 million hectares of fertile, arable land – with the potential for two harvests a year,” says Pedro.

Moving towards renewable energy (Agriculture, mining and energy key to Angola’s growth)

In energy, the Angolan government plans to leverage energy sustainability via renewable resources to reach a target of 9.9 GW of installed generation capacity, and to achieve a country’s electrification rate of 60% by 2025.

“The Angola 2025 Energy Strategy is largely based on renewable energies to strengthen the national electricity system, while also reducing dependence on fossil fuel-based energy production.

“Moving towards renewable energy will help the country meet energy needs in the immense rural areas of the country, reduce pollution from the energy sector and make it more profitable, and environmentally friendly,” says Pedro.

Will mining rights be protected? (Agriculture, mining and energy key to Angola’s growth)

According to Petro, access to mining rights is covered by the law and allows individuals or legal entities, nationals, or foreigners who intend to carry out mining activities to apply for the respective concession of rights.

According to the terms of the Mining Code and complementary legislation in force, granting of mining rights is carried out through a public tender procedure or at the request of the interested party to the supervisory body.

“Granting mining rights on an industrial or semi-industrial scale is always preceded by favourable geological information from the competent body, and by negotiation within the scope of a process of investment and granting of mining titles.

“If there is no public tender, the mining rights for reconnaissance, prospecting, exploration, evaluation, and exploitation are attributed to the first applicant, if they have the necessary technical and financial capabilities to carry out the mining activity required.

“Companies will only lose exploration rights if they do not begin activities within 180 days and if they do not produce for more than six consecutive months,” says Pedro.

Read more about Angola and the Special Economic Zone of Luanda-Bengo (ZEE) in our July Road Trip Preview edition of the WhyAfrica magazine.  To subscribe to our bi-weekly newsletter and quarterly magazines click on the link  https://www.whyafrica.co.za/subscribe/

Agriculture, mining and energy key to Angola’s growth

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Agriculture, mining and energy key to Angola’s growth

 

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