[2019-07-05] Angola’s state diamond company to be privatised

Source: Macauhub

Angolan national diamond company Endiama will be privatised and its stock will be partially floated on the stock exchange, announced the Minister of Natural Resources and Oil in Lisbon.

Diamantino Azevedo told Portuguese news agency Lusa that a process of reorganising the activities of the Ministry and state-owned companies is underway, with the creation of a mineral resources agency that will act as regulator and concessionaire, and the current one, Endiama, will no longer take on these roles and a portion of its capital will be sold on the stock exchange.

The minister pointed out that 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,” he said, adding that “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.”