Recent Election Strengthens Democracy of Oil Rich Angola
Insightful Strategic Partnership Places Australian Mining Company at the Helm of One of the Continent's Fastest Growing Economies
PERTH, Australia, Oct 13, 2008 (BUSINESS WIRE) -- The world witnessed a step towards a fundamental element of peace, stability and socio-economic development when Angolan citizens voted during the legislative poll held September 5, 2008. An Australian professional mining company CityView Corporation is rewarded for its foresight and now revels in a most enviable position.
Oil is the backbone of Angola's economy and they have some of the most ambitious projects in existence, not only in the region but in the world. The international journal "The Economist" states "Angola is poised to become sub-Saharan Africa's biggest producer, ahead of Nigeria. It has overtaken Saudi Arabia as China's largest supplier."
CityView CEO, Mark Smyth said, "The Government is investing a big chunk of its petrodollars rebuilding roads, railways and houses with the help of Chinese, Brazilian and Portuguese contractors. The days of hyperinflation are over".
Jose Eduardo dos Santos, Angola's President states, "Our country's economy will start in 2008 a stage of consolidation and development of investments." The president put a stress on the valorization of the natural resources and development of the food, housing, transport and logistics sectors and he thanked President Bush for the important contribution from the US.
"What CityView provides is the practical business acumen and corporate governances so desperately needed in this bonanza where oil and diamonds make up 61% of the economy," adds Smyth. Major diamond reserves are located in northeastern Angola, a region endowed with the finest and top quality stones. In fact, 70% of diamonds discovered are of great quality, listing the country among the main diamond producers. To further enhance their symbiotic relationship CityView is electing an Angolan as Chairman of the Company.
Angola's ability to stand as a united nation supporting the well being of its citizens was evident during the entire electoral process. National participation stood at 87.85 percent of registered voters, and is a clear sign that the current political trend is one of trust in a more democratic Angola where citizens are able to carry out their civic democratic duty.
SOURCE: CityView Corporation
CONTACT:
For CityView Corporation Ruth Hibbert, 011 08 9226 4788
Copyright Business Wire 2008
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KEYWORD: Angola
Australia
Africa/Middle East
Australia/Oceania
INDUSTRY KEYWORD: Energy
Oil/Gas
Natural Resources
Mining/Minerals
