Luanda - Angola will submit its First Report on the Mineral Resources, Oil and Gas sector to the Extractive Industry Transparency Initiative (EITI) on Saturday, with a view to clarifying the management of revenues from this activity in the country.
The information was made public on Wednesday, in Luanda Province, by the secretary of State for Mineral Resources, Jânio Correa Victor, following the approval of the respective document, an act that comes 18 months after Angola was accepted as a member of the EITI on 16 June 2022.
Once the Report has been sent to the International Body, the next stage will be the official launch and, consequently, making the document available to the general public, to specialists and to businesspeople, as well as to other interested parties, according to the National Coordination Committee (CNC) of the EITI - Angola, chaired by the minister of Mineral Resources, Oil and Gas, Diamantino Azevedo.
Jânio Correa Victor, said that the launch of the First Report on Angola's Extractive Industry, which covers the 2021 fiscal year, is a historic milestone for Angola in general and for the extractive industry in particular, as it brings maximum transparency to the process of exploiting mineral resources and hydrocarbons in the country.
At a press conference held as part of the approval of the document, the official said that the initiative represents testimony to Angola's commitment to solid, liquid and gaseous resources and is an exercise in transparency becoming a tool for improving the business environment in the extractive mining and oil sector.
He emphasised that the regular publication of the transparency report will strengthen the movement of national, regional and international investments, adding that the country is proud to be part of the EITI, which is a voluntary platform that promotes transparency and responsible management of revenues from the extractive sector.
"By complying with the requirements of this initiative, we are demonstrating our commitment to international best practice in the management of mineral resources," he said.
The government official said that the approval of the First EITI Report in Angola, considered to be an exercise carried out by industry operators, civil society and the government, also represents the start of the regular publication of reports, since the calendar for next year has already been established.
However, for the regular annual publication, Jânio Correa Victor revealed that the second report will be released on 16 September 2024, the third on 16 December 2025, while the fourth report will be available on 16 December 2026.
According to the National Coordination Committee (CNC) of EITI - Angola, the regular publication of reports will demonstrate Angola's commitment to the transparent management of its resources, a fundamental factor in guaranteeing the confidence of investors and the general public in the country's extractive industries.
The EITI is an association made up of companies that operate in the extractive sector and the countries that exploit mineral resources, with the aim of increasing transparency with regard to payments to the state, as well as guaranteeing the committed involvement of governments, companies and civil society, in addition to strengthening the responsibility of operators.
QCB/MRA/jmc
