Angola has awarded a $5.7 million mining license to multinational mining corporation Rio Tinto, formalized in a signing ceremony attended by key officials from both parties last week in Luanda.
The agreement outlines Rio Tinto’s exploration focus on basic metals, including copper, cobalt, zinc, titanium, and aluminum, within the 9,887 km² Moxico Concession in Angola’s Moxico province.
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The mining contract’s phased development includes a prospecting period of up to five years, extendable for an additional two years, followed by a 35-year exploration phase with potential extensions.
Canga Xiaquivuila, the General Director of Rio Tinto in Angola, emphasized the venture’s role in diversifying the mining sector and contributing to Angola’s economic expansion. The deal marks Rio Tinto’s second agreement with the government, signaling a continued commitment to Angola’s growth since its initial entry in 2021.
Source: Energy Capital & Power
