Cabinda - A gold extraction project called Lufo – Mining and Gold Society estimated at 15.2 million US dollars was inaugurated Monday in Belize municipality, northern Cabinda province.
Inaugurated by the Minister of Mineral Resources, Oil and Gas, Diamantino Azevedo, the gold extraction project is expected to produce 10 kilos of gold monthly.
The project employs 273 national workers, mainly young people and11 foreigners of Brazilian and Filipino nationality.
Geological studies for the project began in 2013 and were completed in October, allowing gold mining to begin, which, according to the minister, will contribute to economic diversification, increase tax revenue and employment, local development and stimulate direct private investment in Angola.
The minister added that through the gold extraction it will be possible to turn it into a monetary reserve and boost exports to raise foreign currency for the country and that actions being carried out in this project are in line with the Angolan government’s strategy.
Diamantino de Azevedo explained that the exploitation of gold and other mineral resources is not just an economic activity, but also a commitment to sustainability and social responsibility, having recommended that the project promoters "scrupulously" fulfill this assumption.
The minister urged for compliance with safety and environmental protection standards.
Cabinda governor, Mara Quiosa, on her turn, said the communities should be the first to benefit from the results of the extraction, through social projects, within the scope of each company's responsibility.
The governor praised the decision to prioritize young people for jobs in exploration projects, thus helping to combat unemployment.
Lufo - Sociedade de Mineração e Aurífero is the second largest gold mining project in Cabinda province, after Binda, located at Buco-Zau municipality inaugurated this year.PL/PPa/AMP
