The landscape of Angola’s mineral industry is on the verge of a monumental shift as the country nears the completion of its inaugural gold refinery, marking a significant milestone in its strategic mineral value chain. Minister of Mineral Resources, Oil and Gas, Diamantino Azevedo, announced the impending conclusion of the refinery, situated in the Viana Industrial Park in Luanda, by the end of 2024.
The project, initiated with the laying of its foundation stone in June 2022, stands as a tangible testament to the Angolan government’s unwavering dedication to advancing the nation’s mineral wealth. It embodies a holistic approach encompassing prospecting, exploration, transformation, and commercialization activities within the mineral sector.
During the New Year’s greetings ceremony, Minister Azevedo conveyed the government’s commitment to revive dormant projects and cultivate the country’s gold refining capacity. The gold refinery materializes through the concerted efforts of the Ministry of Mineral Resources, Oil and Gas, in collaboration with Geoangol, a company under the ownership of Endiama, and is anticipated to generate employment opportunities for over 80 individuals.
Beyond the impending refinery, Angola boasts 28 active gold projects, with 20 at the prospecting stage and eight holding exploration titles. However, in 2021, the country achieved an extraction of 1,137 ounces out of the projected 7,500, representing an execution rate of 13.82 percent, as per data from the Office of Studies, Planning and Statistics of the Ministry of Mineral Resources, Oil and Gas.
The gold subsector in Angola has garnered a total investment of $62.9 million, with $48.6 million dedicated to exploration and $14.3 million channeled into prospecting endeavors. This concerted investment underscores the burgeoning potential and strategic importance attached to Angola’s gold industry, illuminating a pathway for sustainable economic growth and development.
As Angola’s inaugural gold refinery nears its completion and with burgeoning prospects in the country’s gold sector, the global stage eagerly anticipates the nation’s ascent as a prominent player in the international gold market, positioning itself as a pivotal hub for gold refining in the African continent.
