Privatisation of Angolan diamond company imminent

2019-07-09T13:38:31+00:00 July 9th, 2019|News|

The Angolan national diamond company Endiama will be privatized, and its stock partially floated on the stock exchange.

According to the Angolan Minister of Natural Resources and Oil, Diamantino Azevedo, the ministry is in the process of creating a mineral resource agency that will act as regulator and concessionaire. Azevedo says that a portion of the current government-owned diamond company Endiama, will be sold on the Angolan stock exchange.

Azevedo says that the strategy for the mining sector closely follows the one adopted for the oil sector, where Sonangol is selling its non-strategic assets and will have a minority share of its capital floated on the stock market in 2020.

“The idea is the same, and the strategy for its implementation is now being drawn up. The future Natural Resources Agency will benefit from all the experience and assets of the state-owned company that deals with precious metal and mineral resources,” says Azevedo.