The premier mining conference in Africa, Mining Indaba, will be held in Cape Town, South Africa February 5th to 7th. This annual event is attended by Presidents and leaders of multi-national mining behemoths and semi-industrial operators. One of the 2024 keynote addresses will be given by Angolan President, João Lourenço. Although Angola is the fourth largest diamond producer in the world, with much of its territory yet to be prospected, it has not traditionally been viewed as a major producer of minerals. The recent privatization efforts under President Lourenço’s administration have seen Angola aggressively pursue mining as it seeks to diversify away from its economic dependence on oil.
This year's conference is themed, “Embracing the Power of Positive Disruption.” It is fitting for the Angolan President to champion his new agreements with the United States and the European Union for their support of the Lobito Corridor project as Western nations seek to balance the influence and draw of China on African resources and minerals. Additionally, Angola’s recent efforts to draw in multi-national partners by liberalizing its economy and strengthening its regulatory and financial institutions model the conference theme.
The Angolan Ministry of Minerals, Oil and Gas has set out ambitious targets for 2024 and 2025. On the heels of prospecting and exploratory contracts with De Beers, Rio Tinto, Ivanhoe Mines and Anglo-American, Angola has agreed with junior mining operator, Tyranna Resources to develop its first Lithium mine with production to commence in 2025.
As the Lobito Corridor developments progress, as was recently highlighted by Secretary of State Anthony Blinken's January visit, Angola will be seeking to capitalize on its new infrastructure. With the improved capacities, President Lourenço will be seeking additional partnerships while at Mining Indaba. Like the recent agreement with Pensana to develop Angola's first rare-earth operations. Pensana expects to begin a 46,000 t/y output of neodymium and praseodymium, representing 5% of global production. These highly magnetized alloys allow for motion to be created within an electric motor.
Angola has identified the mining sector as a major source of employment for its citizens and the royalties from the minerals will play a significant role in future revenues for the country. The commitment to this economic shift in Angola is highlighted by their presence at the conference and the collective eagerness of the Lourenço administration to engage in joint ventures with multinational corporations.
