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Cost reduction increases profits of Angolan diamond mining company Catoca

The reduction in operating costs achieved in 2015 by Angolan mining company Sociedade Mineira do Catoca (SMC) led to profits of US$126.8 million, announced Monday in Luanda the director-general of the diamond company.

Sergei Mitiukhin said that in 2015, operating costs decreased by US$34 million and now represent 60 percent of total turnover, following decisions taken by management to minimise the effects of the More

Moody’s lowers to credit rating on Angola to “B1″

The Moody’s credit rating agency has downgraded the sovereign debt rating on Angola from “Ba2″ to “B1″ with a negative outlook,under the seventh annual evaluation, the Angolan Finance Ministry said Friday in Luanda.

The statement from the ministry is corroborated by a statement from Moody’s about the downward review of Angola’s credit rating because of the “financial position of the government and the country’s More

Angola will produce more than 2 million barrels of oil per day from 2018

Angola will produce more than 2 million barrels of oil per day from 2018, when gross domestic product (GDP) growth will be two tenths of a percentage point above the government forecast of 3.3 percent this year, according to the Economist Intelligent Unit (EIU).

The EIU projects oil production will grow continuously between 2016 and 2020, with minimal increments, but enough for More

Angolan government restructures oil sector

The Angolan government plans to restructure national oil company Sonangol with a view to “increasing efficiency and profits,” said Wednesday in Luanda the Oil minister.

José Maria Botelho de Vasconcelos said that Sonangol would continue to focus its attention on oil exploration and production, while two new structures – an Agency and the Superior Council – would focus on regulation and management.

The agency to More

Biocom of Angola will reach full production capacity in 2021

Angolan bioenergy company Companhia de Bioenergia de Angola (Biocom) will be producing at full capacity in 2021, the Deputy Director of the company, Luis Bagorro Junior said Thursday in Malanje.

The Deputy Director said the company currently covers an area of 81,000 hectares, of which 71,000 are devoted to agriculture and 11,000 to environmental protection and said some sugarcane had been harvested since the More

Angola plans to organise an international fair on natural resources in 2016

Angola’s first international exhibition on mining, oil and manufacturing may be held later this year in a joint initiative of the ministries of Geology and Mining, Oil and Industry, said Wednesday in Luanda the minister of Geology and Mining.

Francisco Queiroz, who was speaking at the opening of the 5th Consultative Council of the sector, said that in partnership with other ministries, the Geology More