NewsSouthern AfricaAnglo American asks Angola for permission to explore for metals

Mon,19Nov2018

Posted on Friday, 14 September 2018 14:04

Anglo American asks Angola for permission to explore for metals

By REUTERS

The President of Angola, Joao Lourenco, addresses the media during a joint press conference after a meeting with German Chancellor Angela Merkel at the chancellery in Berlin, Wednesday, Aug. 22, 2018. Photo: Markus Schreiber/AP/SIPAAnglo American, one of the world's largest commodities miners, has asked Angola for permission to explore for base metals, the country's ministry for mines said on Friday.

Anglo, which operates diamond, copper, platinum mines around the world, submitted a letter of intent to invest in the southern African nation's mining sector, the Angolan Ministry of Mineral Resources and Oil said.

The move makes Anglo American the first mining major to request exploration permits in Angola since President João Lourenço vowed to open up the sector and encourage foreign investment.

Mining is in its infancy

Anglo confirmed its interest in an email to Reuters, saying that it fits into its global exploration programme, including prospects in Brazil.

In the midst of healthy commodity prices, miners are cautiously increasing exploration, an activity dismissed for years by the majors as too risky and costly, as they struggle to find suitable assets.

Despite being a major producer of diamonds, mining in Angola is in its infancy, with few commercial operations for other commodities. The government says the country has potential in copper, iron ore and gold.

For base metals, the ministry said the most important geological structures were in the copper belt of Cuando Cubango and Uige – which border Zambia and DRC respectively – as well as Moxico, Cunene and Huíla.

 



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