Angola has more to offer than diamonds. The country is endowed with an abundance of natural resources, including deposits of base metals and iron ore. The Copperbelt which straddles the Democratic Republic of Congo (DRC) and Zambia is known to extend into Angola, although deposits have largely gone untapped since the colonial era. Meanwhile, the Kunene Complex has been identified as containing significant nickel deposits.
In November 2019, Anglo American signed five Mineral Investment Contracts covering three copper, cobalt and nickel projects in Cunene province, and two copper, cobalt and silver projects in Moxico province. The following year, China’s Shining Star Group acquired the Mavoio-Tetelo copper project in Uíge province.
Equally promising is Pensana’s Longonjo rare earths project in Huambo province. Longonjo is believed to be one of the world’s largest undeveloped rare earth deposits with an initial 20-year life of mine. Pensana plans to export high purity mixed rare earth sulphate (MRES) from the Port of Lobito using the recently upgraded Benguela railway line.
Pensana plc (LON:PRE) explores and mines neodymium, praseodymium, and rare earth minerals. The company is looking to establish the world’s first fully sustainable magnet metal rare earth oxide producer at the Saltend Chemicals Park in the Humber Local Enterprise Partnership Yorkshire, UK.
