Africa Mining: Mining companies invest US$10 million to prospect for gold in Angola

Mali Gold mining
Gold Mining

Two mining investment contracts, worth a total of US$10 million, have been approved by the Angolan Ministry of Mineral Resources and Oil for gold prospecting in the province of Cabinda, according to an executive order published in the country’s official bulletin, Diário da República.

According to the order Sociedade Mineração Buco-Zau will invest US$5 million in gold prospecting in a concession with an area of 331.75 square kilometres and the same amount will be applied by Sociedade Mineradora Lufo on a plot of land with an area of 375.01 square kilometres.

The order also sets out that the duration of the mining rights will be within the limit set in the Law, which corresponds to the lifetime of the mine estimated in the technical-economic and financial feasibility study, according to Angolan state news agency Angop. (macauhub)

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