Mining projects in Angola require investment of US$1.58 billion

25 April 2016

Mining projects that have been identified and are ready to be launched in Angola will require an investment of US$1.58 billion, said the minister of Geology and Mining, Francisco Queiroz, in an interview with newspaper Expansão.

The project for iron ore exploration in Cutato-Cuchi, in the province of Kuando Kubango, has an initial investment of US$250 million and will create 3,500 jobs. Another one involving phosphates extraction in Lucunga, Zaire province, will cost the same amount of money, US$250 million, and is due to start before the end of the year.

The gold mining project in Mpompo, in Huila province, is at an advanced stage and will involve an investment of US$280 million and the create 300 jobs.

There are also diamond mining projects in Luaxi in Lunda Sul, which, according to Francisco Queiroz will be the largest of diamond mine in Angola and one of the world’s largest. This project has planned investments of US$800 million and is expected to create 2,500 new jobs.

The minister of Geology and Mining also said that the implementation of the National Geology Plan (Planageo), at an estimated cost of US$405 million, is feeling the financial constraints that Angola is experiencing and is therefore only likely to be completed in 2018, compared to a previous forecast of 2017.

China and Spain are Angola’s two partners in this endeavour, but the Angolan government is waiting for a third country to open another credit line for the programme, said Queiroz, cited by Angolan news agency Angop. (macauhub/AO)