Angop - Agência de Notícias Angola Press

Gold project expected to bill USD 64 million per year

Mon, 15 Apr 2019 19:51 - Economy

Luanda - At least 64.3 million dollars will be the annual invoicing, resulting from the sale of 53.647 ounces, which are being produced in the first half of this year in the Chipindo gold exploration project, in southern Huíla province.

  • Huíla: Gold exploration field in Chipindo

The experimental exploration, in this project that generated 70 jobs, began last March, announced Monday, in Luanda, the administrator of Ferrangol, Kayaya Kahala.

The manager, who was speaking to journalists at the opening of the Days on Mining Workers' Day, under the motto "Mineral Resources: A Commitment to the Development of Angola," said that the company is engaged in increasing large-scale gold production and increase jobs.

The engineer also indicated other projects of exploration of gold already in advanced stage, being foreseen its entrance into operation in the second half of this year.

These are the Buco-Zau and Lufo projects, located in Buco-Zau and Belize in the province of Cabinda, both with an estimated annual production of 3,885 ounces, as well as the Tiandai Mining project, located in Nambuangongo in the province of Bengo.

In the international market, the price of the ounce of gold varies between US $ 1,000 and US $ 1,500. One ounce equals 28.34 grams.

Regarding other minerals, it was announced that there are negotiations with national and foreign investors to start the iron exploitation in the province of Huíla, Cassinga iron project.

The opening session of the mining worker's day, which will be marked on April 27, whose central event will be held in the province of Huambo, was chaired by the Secretary of State for Geology and Mines, Jânio da Rosa Victor.