Commodities trader Trafigura has commenced a $550 million upgrade of the Lobito Rail Corridor in sub-Saharan Africa that will aid the logistics of mining projects in the area such as Pensana’s rare earth mine in Angola.
A 30-year concession has been awarded to the Lobito Atlantic Railway consortium comprising Trafigura, a market leader in the global commodities industry, Mota-Engil, an international construction and infrastructure management company, and Vecturis SA, an independent rail operator.
The investment will include 1,555 wagons and 35 locomotives for the Angolan side of the corridor and the investment in training and skills, with dedicated training centres already in place at Huambo and Lobito.
Pensana plc (LON:PRE) explores and mines neodymium, praseodymium, and rare earth minerals. The Company’s flagship assets are the Saltend rare earth refinery project in the United Kingdom and Longonjo neodymium and praseodymium (NdPr) Project in Angola.
