Angola wants to open its doors to more Aussie diamond miners

(stockhead.com.au) - Angola is working to make its diamond sector more appealing to Australian miners. While there is a large number of Australian miners active on the broader African continent, there are just three that have projects in Angola, and only one of those companies – Lucapa (ASX:LOM) – is in diamonds. Up until now Angola has had in place restrictive legislation over diamond operations including not allowing foreign investors to hold a majority stake and a requirement that all diamonds must be sold through a central state-owned government agency. On top of that, the process for repatriating revenues earned in Angola back to Australia has been somewhat long and arduous. However, following the election of a new government in August last year, the country is now seeking more foreign investment in its natural resources, including diamonds.