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Mining Indaba 2020 News Update: Angola plans to boost diamond production

DAY 2

Angola plans to increase annual diamond production to 14 million carats in 2022, from 9 million carats last year, said Mineral Resources Minister Diamantino Azevedo.

The country is also seeking to diversify its economy away from oil and diamonds and is targeting production of minerals including gold, silver, iron ore and manganese.

The government has adopted a mining code that’s in line with international norms and clamped down on graft as it seeks to attract new investment, the minister said.

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“Gone are the days when corruption was accepted practice,” he told delegates.

Azevedo was speaking at the African Mining Indaba, the continent’s biggest gathering of one of its most vital industries.

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Here’s more from the conference that we’ll be updating throughout the day. (Time stamps are local time in Cape Town.)

Shrinking Capital (10:30 a.m.)

The investment capital available to mining companies is shrinking as the economic boom in China slows and investors see the industry as increasingly risky, said Rio Tinto Group Energy and Minerals CEO Bold Baatar.

“It’s becoming more difficult to invest in mining — our shareholders are rotating largely out of mining for a variety of reasons,” he said. “Money moves around the world where it is less risky.”

Mining companies need to look for new ways of structuring projects, such as teaming up with juniors, he said.

Anglo on Eskom Boss (09:30 a.m.)

The new chief executive officer of struggling South African power utility Eskom Holdings SOC Ltd. has at least one fan in the mining industry: Anglo American Plc CEO Mark Cutifani.

Andre de Ruyter’s admission that the country would have to bear with load-shedding for at least 18 months is exactly what South African businesses need, Cutifani said.

“I am far more optimistic today than I was 12 months ago even though the situation might be worse,” he said. “We still have risks, issues that we are going to deal with, but the fact that we have got some brutally honest conversations, now that’s good.”

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