Angola’s decision to join the Extractive Industries Transparency Initiative (EITI) has helped the southern African country attract international investors, according to President João Lourenço.
"What we want is to do things in the open, with all possible transparency, and, with that, we will win, because investors will gain confidence and will come to invest their savings here in our country," he said while officiating at the opening of the country’s largest diamond mine, the Luele project in Lunda Sul Province.
He said Angola cannot afford to operate clandestinely as it is now under greater scrutiny from EITI.
Transparency has so far attracted De Beers back to Angola.
The Angolan government and De Beers signed two mining investment contracts last year for diamond prospecting in the provinces of Lunda Norte and Lunda Sul.
At least two concession sites possess substantial geological potential.
Rio Tinto is also prospecting for diamonds in the country, while Ivanhoe Mines will do the same for copper.
Russia’s ALROSA already has a 41% stake in diamond mining company CATOCA.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
