Angola Considering Privatisation of State Diamond Firm Endiama

Mining and Exploration
09/07/2019 16:04

According to Angola's Natural Resources and Oil Minister Diamantino Azevedo, the national diamond company Endiama will be privatized and its capital will be partially floated on the stock exchange, the Portuguese news agency LUSA first reported. "The improvements that we are making are in the governance of the sector," Azevedo said. "We will reformulate the way the Ministry and state-owned companies operate, creating a mineral resources agency to be regulator and concessionaire, Endiama is being restructured to stop being a concessionaire and part of its capital will be dispersed on the stock exchange."

Minister Azevedo says that 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. He says 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. Even though the process of restructuring the mining sector has not been completed, the minister says that there is already much interest from multinationals.