Nigeria Content Online

Angola, the world’s
fifth-biggest diamond producer, is working on a new law for the mining
sector that will regulate the way diamond companies will distribute
their revenues from projects in the African nation, an official from
state-run diamond company Endiama said.

Under the new law,
diamond companies will use 50 per cent of their revenues to pay for
operational costs. The remaining 50 per cent will be used to pay taxes,
investors and to help develop the local community, the official,
Sebastiao Panzo, said.

The current law
stipulates that mining companies in Angola pay 35 per cent of their
profits in taxes to Endiama but it does not stipulate how firms should
distribute their revenues.

Angola emerged from
a civil war in 2002 to become one of the world’s biggest diamond
exporters due to multi-million dollar investments from companies like
De Beers, the world’s biggest diamond producer, and Russia’s Alrosa.