Published Version Mining Code
Angola has in its subsoil, abundant and varied mineral resources. The rational exploration and exploitation of these resources has contributed to the well-being and happiness of current and future generations.
For reasons linked to our economic and social history and the reality of our legal system, non-oil geological and mining activity has been regulated by a set of separate legislation, dispersed by various laws, decrees and other normative acts, mostly approved in a context economic and social difference from the current one.
New Trading Policy
The Diamond Trading Policy, approved by Presidential Decree No. 175/18 of 27 July, defined a set of principles that lead to a clear and transparent objective regarding the Trading of rough diamonds produced in Angola, in line with the Mining Code, in order, to maximize and stabilize sales prices.
According to the diploma in question, all Angolan diamonds are traded and exported abroad through a Single Channel, supervised by SODIAM-E.P..
The commercialization of rough diamonds in Angola, for export or for the national market, can be carried out, similarly to what is practiced in the international market, according to 3 modalities, namely, sale by sight (sales sessions by long term contract), spots (sales sessions aimed at invited buyers) and auctions (sales sessions organized sporadically, in which special stones are usually traded).
Applicable Exchange Rate
Establishes the exchange rate regime applicable to the Diamond Sector, namely to entities that carry out the exploration, cutting and/or any type of improvement of diamonds, as well as their commercialization, under the terms of the Mining Code and complementary legislation. - Revokes Notice no. ° 2/03, of February 28, and all regulations that contravene the provisions of this Notice.
The constitution of the Republic of Angola in its article 16 establishes that “all natural, solid, liquid or gaseous resources existing in the soil, subsoil, in the territorial sea, in the exclusive economic zone and on the continental shelf under Angola's jurisdiction are property of the State , which determines the conditions for its concession, research and exploitation, under the terms of the constitution, law and International Law.”