Angola Launches First Gold Refinery

Angola will launch its first gold refinery in the first half of the year as part of efforts to reduce its reliance on oil and diamonds. The move comes as global diamond prices remain under pressure, reinforcing the country’s push to diversify its mineral base and expand into resources critical for future industries.

The refinery, located in Viana near Luanda, will have a processing capacity of about 20 kilograms per day. Contractors have completed construction and equipment installation, while engineers are carrying out commissioning and final technical adjustments, according to Paulo Tanganha, the national director of mineral resources. The project ties into a wider effort among resource-rich African economies to process minerals locally rather than export raw materials, with the aim of increasing foreign exchange earnings, creating jobs, and reducing exposure to commodity price volatility.

Diversification and Diamond Market Pressures

Angola has long depended on crude oil and diamonds for revenue, leaving it vulnerable to global market fluctuations. Recent reforms have focused on expanding the mining sector, particularly as oil output faces long-term decline risks and pressure from the global energy transition. Tanganha said rising gold production will help supply the refinery and support the country’s diversification plans.

Angola is launching the refinery at a challenging time for the global diamond industry, as prices have weakened due to softer demand in major markets such as the United States and China, as well as growing competition from lab-grown stones. Despite this, the country continues to produce diamonds at scale.

Production, Expansion and Sector Impact

Angola produced about 15 million carats of diamonds in 2025, exceeding targets under the 2023–2027 National Development Plan, and still sees strong long-term potential in the sector due to significant untapped reserves and opportunities for new discoveries.

At the same time, authorities are accelerating exploration of other minerals, including iron ore, copper, manganese, and niobium, while companies expect to begin producing phosphate and rare earth elements important for agriculture and clean energy technologies by 2027.

Currently, the mining subsector contributes around 2 percent of Angola’s gross domestic product, while the broader extractive industries, including oil and gas, account for more than 30 percent. Officials say the sector has a wider economic impact due to its links with other industries.

The sector employs more than 50,000 people and companies have issued about 60 licences for prospecting and exploration. The gold refinery will strengthen Angola’s position in Africa’s mining industry, as countries across the continent compete to attract investment and move further up the value chain.