The UK Department of International Trade (DIT) and London-based Pensana Rare Earths hosted the UK’s first ever mining trade mission to Angola last week.
More than 40 people participated in the mission, including delegates from the DIT; foreign dignitaries including the Ambassador of Norway and the Ambassador of the UK; miners Rio Tinto and Anglo American; and representatives of the Angolan Ministry of Mineral Resources and Petroleum.
As part of the mission, delegates met with the Governors of the Benguela and Huambo provinces.
Highlights included a visit to the Longonjo project, where Pensana is bringing one of the world’s largest rare earth deposits into production to establish the world’s first independent and sustainable magnet metal supply chain to meet the burgeoning demand from electric vehicles and offshore wind turbines.
Delegates travelled by train on the new $2-billion Benguela Railway, located less than 5 km from Longonjo, which provides a direct link to the newly refurbished Atlantic port of Lobito. Attendees visited the minerals terminal at the port of Lobito.
“I was delighted to have the recent opportunity to take part in the UK’s first ever mining trade mission to Angola. The presence of nine UK companies on the mission, including the likes of Pensana, Rio Tinto and Anglo American, demonstrates the level of opportunity in the market, and the commitment of British firms to establishing collaboration opportunities with Angola.
A particular highlight for me was the train journey on the Caminho de Ferro de Benguela. The experience of travelling from Huambo to Lobito, via Pensana’s Rare Earths site at Longonjo, is one that I will never forget, and one which highlight’s Angola’s potential in so many ways,” said UK Ambassador to Angola and São Tomé e Príncipe Roger Stringer.
Delegates were advised that Angola had handled the Covid-19 pandemic extremely well and that it has a strong fiscal surplus on the back of strong oil prices with debt to gross domestic product having decreased from 135% to 95% in recent years.
Credit rating company Moody’s Investors Service has upgraded the country’s credit rating to B3 with a stable outlook.
This was accompanied by strong inbound investment by major international groups including Rio Tinto, Anglo American, De Beers and BP in the resources sector and several large European investors in the agricultural sector.