Angola, Zambia, and Democratic Republic of Congo (DRC) have taken major steps to create a trade corridor that could transform how the region’s resources are shipped.
The three countries have agreed to joint management of a trade corridor to and from the Atlantic Ocean port of Lobito, recently concessioned to Portuguese infrastructure group Mota-Engil for a $450 mining upgrade.
Transport ministers for the three countries have signed an agreement to facilitate the Lobito Corridor, which will connect the Atlantic Ocean port of Lobito in Angola with mining hinterlands.
The Lobito Corridor will cross Angola and link up with the mining areas of Katanga province in the DRC and the Copperbelt in Zambia.
Harmonising regulations on the corridor and developing infrastructure would allow the three countries to transport metals used to make electric vehicles and wind turbines from inland mines to port, cutting transport times from weeks to days.
The agreement will allow the three states – all members of the South African Development Community (SADC) to jointly develop harmonised corridor regulations and systems to foster infrastructure development.
“The Lobito Corridor presents an alternative strategic route to export markets for Zambia and DRC and offers the shortest route linking key mining regions in these two countries to the sea,” said the SADC.
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.