Menongue — Secretary of State for Mineral Resources Jânio Correia Vítor on Tuesday highlighted the importance of the participation of national and international commercial banks in the mining sector as a guarantee of the financial services required for its growth and strengthening.

Menongue - Angolan Secretary of State for Mineral Resources Jânio Correia Vítor on Tuesday highlighted the importance of the participation of national and international commercial banks in the mining sector as a guarantee of the financial services required for its growth and strengthening.

The official made the appeal while speaking at the closing ceremony of the Investment Forum for the Mineral Resources, Oil and Gas sector in Cubango Province, held under the theme 'Cubango: the new frontier for mining and oil investment for economic diversification'.

He argued that financial and banking institutions, within their respective criteria, should adopt more flexible lending policies in order to stimulate and facilitate the implementation of various projects in the sector.

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He also considered it essential to intensify the promotion and dissemination of the business potential and opportunities available across the multiple value chains of mineral resources, oil and gas in Cubango Province.

He said the forum had provided an opportunity to identify and showcase the province's vast natural resource potential, alongside the well-known pig iron operations in Cuchi.

He pointed to indications of significant deposits of copper, gold, lead, diamonds and other mineral resources that could contribute to the diversification of mining activity in the country, generating employment, increasing tax revenues and accelerating the energy transition process.

Regarding hydrocarbon potential, he noted that Cubango Province forms part of the Etosha Basin, where exploration studies fall under the responsibility of the National Oil, Gas and Biofuels Agency.

According to the Secretary of State, the results of the exploration activities are expected to contribute to increasing oil and gas reserves.

Within the framework of the Sector Development Plan and the National Development Plan 2023-2027, Jânio Correia Vítor said the ANPG would continue working with various ministerial departments and related entities with the aim of bringing essential services closer to the mining and oil industries in Cubango Province.