His presence marks a significant step of progress for Angola and its mining industry as it seeks to increase investment and attract more companies to explore the country's potentially rich mineral resources.
Angola is the fourth largest diamond producer in the world, though much of its hinterland remains unexplored. The Angolan government has in recent years implemented regulatory reforms which have made it an attractive and best-destination country for foreign investors. The result has seen diamond major De Beers sign two mineral investment contracts in 2022 for diamond exploration and mining in Angola. Other major players such as Anglo American, Rio Tinto and Ivanhoe Mines have also more recently invested in the Angolan minerals and mining industry.
Importantly, Angola is looking to diversify and expand its commercial mining potential beyond diamonds to include critical minerals and gold in particular, which will bring a significant change in context to its mining sector. ASX-listed junior Tyranna Resources is working to help Angola realise this vision as it looks to develop and start mining the country’s first lithium project by 2025. In addition, LSE-listed junior Pensana is working to develop the country’s first rare earths mine by 2025. At this stage the mine will become Africa's first large-scale neodymium and praseodymium (NdPr) rare earth mine with an expected target production of 46,000 tonnes per year.
The Angolan government is committed to provide an investor-friendly environment for those interested in exploring the potential of its minerals sector while also creating sustainable economic growth for all its citizens. The presence of President Lourenço at Mining Indaba 2024 demonstrates this commitment, as well as his eagerness to promote international collaboration between business leaders keen on investing in Angola’s minerals industry.
The theme for Mining Indaba 2024 is ‘Embracing the power of positive disruption: A bold new future for African Mining’. The steps taken by Angola to encourage mining investment supports the theme of disruption nature and shines a light on the positive steps this African country is taking to bring greater mineral wealth to the country.
Mining Indaba provides a platform for delegates to meet from around the world with interests spanning across finance, technology, sustainability and energy - all essential components of the modernising mining industry. President Lourenço’s presence at the event will offer invaluable insights into how the industry can work together towards achieving collective goals and sustainable growth across the African continent.