The International Monetary Fund (IMF) has approved an immediate disbursement of $487.5 million to Angola.
This brings total disbursements under a current arrangement to $3 billion. Angola is looking to restore external and fiscal sustainability, improve governance and diversify the economy to promote sustainable, private sector-led economic growth.
The timing of this is perfectly aligned with a webinar we are hosting on 20 January titled: A closer look at Angola’s diamond sector.
Register to attend the webinar here
“Authorities also need to maintain momentum in other structural reforms that support stronger diversified growth, enhance governance, and combat corruption,” says a representative from the IMF.
In addition to the changes in the video above, we have secured an author to write a series for our new ‘opinions and editorials page’. For now, we’re keeping their identity a secret – watch this space!
It’s not been all gloom and doom
It’s heartening to see reports of financial results becoming available that highlight how mining companies weathered the ‘year that never was’ – 2020.
Some of these companies include:
Teranga Gold has reported full year gold production of 404,460 oz for 2020 (an increase of 40% year-on-year). This exceeds the top end of its full-year production guidance range and marks the fifth consecutive year that it has both attained record annual gold production and exceeded production guidance.
Roxgold delivered its production guidance and strengthened its balance sheet by generating strong free cash flow while delivering significant value accretion. This was achieved through the advancement of the Séguéla project, the Boussoura discovery and increasing the reserves at Yaramoko by 8%.
In December BlueRock Diamonds announced a provisional upgrade to Kareevlei’s resource with tonnage and carats up 43% and 52% respectively. Its guidance for 2021 remains at 850,000 to 1,000,000 tonnes and 34,000 to 46,000 carats.
Lastly, Tharisa remains on track for FY, 2021 production guidance of 155 koz to 165 koz PGMs and 1.45 Mt to 1.55 Mt of chrome concentrates.
Let’s hope these results are an indicator of mining’s resilience during 2020.