Public-private consortium prospects for gold in Cabinda province, Angola

4 October 2017

A public-private consortium plans to prospect for gold in a concession with an area of ​​195 square kilometres in the province of Cabinda, with an initial investment of over US$4.2 million, under an order signed by the former minister of Geology and Mines of Angola.

The order, signed by Francisco Queiroz, approves a mining investment contract with Mongo Mongo Mineração Limitada, which is owned by Angolan iron company Ferrangol, with 20%, Grupo Southwind, with 60% and Sofispa, Lda., with the remaining 20%, assigning the mining rights for gold prospecting in the area to be granted.

The concession is granted for a period of up to five years, renewable for up to 35 years, and the company is responsible for paying a surface fee for the duration of the exploration phase, of between US$5 and US$35 (833 and 5,836 kwanzas, respectively) from the first to the fifth year of prospecting.

Two of the companies involved in Mongo Mongo – state-owned Ferrangol and private company Sofispa – are involved in another gold mining venture, Lombe Mining Limitada, which is looking for gold in an area of over 381 square kilometres, also in Cabinda, with a planned investment of more than US$5.6 million. (macauhub)