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Endiama partners private companies to mine diamonds in Angola

Angola’s state diamond company Endiama and private comapnies Lukapa Diamond and Rosa e Pétala have signed an agreement for diamond prospecting in the Lulu concession, in Capenda Camulemba, in Angola’s Lunda Norte province, according to the Angolan press.

The five-year agreement should provide diamond production worth US$40 million a year.

Endiama chairman Carlos Sumbula said aero-magnetic surveys had revealed the occurrence of more More

Government of Angola restructures public companies in the electricity sector

The government of Angola has created three new companies to manage the country’s electricity sector with total share capital of US$10.912 billion and closed two others at the same time, under the terms of a presidential decree dated 20 November.

Public companies were founded for electricity production, transmission and distribution: Produção de Electricidade (Prodel), Rede Nacional de Transporte de Electricidade (RNT) and More

Angola takes on loan from Chinese bank for real estate project

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The Industrial and Commercial Bank of China has granted a loan of US$120 million to Angola, to be used to finance a real estate project on the outskirts of Luanda, according to a presidential order.

The loan is intended, according to the order, for the “implementation of the project of the construction contract of the detached perimeter of the Futungo More

BIC Angola negotiates sale of stake to international bank

The BIC Angola bank is negotiating the sale of a 10 to 15 percent stake to a major international bank, the bank’s chairman, Fernando Teles said in Lisbon.

The President of BIC Angola said the goal is to find a “strong partner” who wants to “invest in BIC’s development” and gave assurances that there “are many entities who want to More

National Bank of Angola maintains key interest rate

The National Bank of Angola decided to keep the base interest rate in Angola (BNA rate) at 9 percent and the interest rates on the standing facilities of liquidity at 9.75 percent and liquidity absorption at 1.75 percent, the Angolan central bank said Monday.

In a statement, the bank also said that the Monetary Policy Committee had decided to adjust, More

Agricultural campaign credit has lower interest rates in Angola

The government of Angola has decided to increase the interest rate subsidy for beneficiaries of the Agricultural Credit Campaign, which will now pay a rate of 2 percent compared to 5 percent previously, the minister for the Economy, Abraão Gourgel said Monday in Luanda.

The minister said the purpose of the measure is to promote creation of mechanisms and instruments to foster More

Angola’s 1st International Fisheries and Aquaculture Fair opens in Luanda

The 1st Angola International Fisheries and Aquaculture Fair is on from 27-30 November at the premises of the Luanda International Fair (Filda) with at least 50 domestic and foreign companies attending, the Angolan Ministry of Fisheries said.

In a statement, the Ministry also said that this 1st edition, held under the motto “Fisheries and Aquaculture of Angola – A tide of opportunities More

Statoil of Norway takes on cost of cancelling contract for Angola

Statoil ASA of Norway will take a charge of US$350 million as a result of the cancellation of a lease of an oil exploration rig for Angola, two years before the end of the contract, the group said in a statement.

The cost stems from the fact that the Norwegian group has cancelled the contract for the Stena Carron drilling rig, which More