Foreign shareholding in mining companies holding licences to prospect or exploit minerals for civil construction is limited to 1/3.
"CHAPTER XXI - Minerals for Civil Construction
ARTICLE 329. (Definition)
1. Minerals for civil construction are considered to be any substance of mineral origin used directly in civil construction works or as raw material for the manufacture of products intended for civil construction.
[...]
ARTICLE 332. (Concession conditions)
Mining rights for the prospecting or exploitation of minerals for civil construction can only be granted to Angolan citizens or to legal persons governed by Angolan law exclusively held by Angolan citizens, or whose capital is held by nationals in at least 2/3.[...]" (Law No. 31/11 approving the Mining Code [google translation])
Law No. 31/11 approving the Mining Code [google translation]
[<a href="http://extwprlegs1.fao.org/docs/pdf/ang119489.pdf">Law</a>]