15 May 2014

Angola Wants Strict Fulfilment of Regulatory Policy On Gold Market

Luanda — The Angolan government hopes that the new Board of Directors of the Gold Agency to comply strictly with the policy of the sector, based on the regulation of the gold market in all its extension and complexity.

This was said on Thursday in Luanda by the minister of Geology and Mining, Francisco Queiroz, at the end of swearing in ceremony of the new members of Board of Directors of the referred agency.

The official said that the agency was created to regulate the market of the existing strategic minerals in the country.

According to him, whereas the dealer carries on its activity in the field of exploration and research to ensure the interests of the State, the Gold Agency's activity is restricted to the trade.

"Trading of gold is not the same as marketing a common mineral. Gold has monetary implications in the international market in the balance of payment and very serious implications to safety", said the minister.

The official added that the agency will adopt mechanisms to enable the companies involved in sale of gold to know the rules and security aspects they must respect.

The minister referred to the artisanal gold exploration underway in the northern Cabinda province, adding that under the guidance of the Cabinet Council, two stores have been installed, one in Cabinda city and another in Buco Zau, also in Cabinda province, so to purchase gold from artisanal producers.

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