Angola’s Catoca May Invest in Zimbabwe Diamond Exploration
February 08, 13 by IDEX Online Staff Reporter
The Catoca mine |
(IDEX Online News) – The Catoca diamond mine in Angola, a joint venture between state-owned mining company Endiama and a group of overseas partners including Alrosa, may invest in diamond exploration and production in Zimbabwe, said Angolan Mining Minister Francisco Queiroz, Reuters reported.
"Catoca is a major company, with accumulated experience, and it is capable of investing outside Angola," the minister said on the sidelines of a mining conference.
He added, "We analyzed Zimbabwe's diamond potential with the Zimbabwean authorities and we are sure this is a market it is worth investing in... Catoca can invest in exploring and mining diamonds."
In a bid to expand its mining industry and attract new investment, Angola has commissioned a survey to map its mining potential. The project is estimated to take up to five years.
In addition to this, Queiroz said the country's new mining code offering lower taxes, the potential for tax exemptions in exchange for social efforts and no pre-established free stake for the state was designed to attract investors.
The minister said that for strategic commodities like diamonds, gold and uranium, miners would have to partner with state companies, but these could hold minor shares. "There is no minimum stake for the state," he said.
