Angola Set to Launch First Gold Refinery in Push to Diversify Economy

Angola is preparing to commence operations at its first-ever gold refinery in the first half of 2026, marking a significant milestone in the country’s efforts to diversify its economy beyond oil and diamonds.

Located in Viana, Luanda, the refinery is expected to process approximately 20 kilograms of gold per day. Construction and equipment installation have already been completed, with final commissioning and technical adjustments currently underway, according to officials.

Driving Value Through Local Processing

The refinery project reflects a broader strategy across Africa to shift from exporting raw minerals to processing resources locally, thereby increasing revenue, creating employment, and strengthening economic resilience.

For Angola, this transition is particularly critical. The country has long depended on crude oil and diamonds as its primary sources of income, leaving it vulnerable to fluctuations in global commodity markets.

Reducing Dependence on Oil and Diamonds

With global diamond prices under pressure—largely due to weaker demand in key markets such as the United States and China, as well as rising competition from synthetic alternatives—Angola is accelerating efforts to expand its mining sector.

Despite these challenges, diamond production remains strong. Angola produced approximately 15 million carats in 2025, surpassing targets outlined in its national development plan. However, authorities are increasingly focused on diversifying into other high-potential minerals.

Expanding into Future-Focused Minerals

In addition to gold, Angola is ramping up exploration and development of key resources such as iron ore, copper, manganese, and niobium. Production of phosphate and rare earth elements—essential for agriculture and clean energy technologies—is expected to begin by 2027.

The mining subsector currently contributes around 2% to GDP, though the broader extractive industries account for over 30% of economic output. The sector also plays a vital role in employment, supporting more than 50,000 jobs and numerous downstream industries.

Strengthening Angola’s Mining Position

The launch of the gold refinery is set to enhance Angola’s position within Africa’s mining landscape, as countries across the continent compete to attract investment and move further up the mineral value chain.

By increasing domestic processing capacity and expanding its mineral portfolio, Angola is positioning itself for more sustainable, long-term economic growth.