US remains in talks on $500m for Angola’s rail corridor
The US International Development Finance Corp. is still finalizing more than $500-million in financing for the Lobito corridor, a railway project that will haul critical minerals from central Africa’s copper belt to an Atlantic port in Angola.
The DFC is “actively negotiating” with stakeholders, including the Angolan government and Trafigura over the funding, Conor Coleman, head of investments at DFC, told reporters on the sidelines of the US-Africa Business Summit in Luanda on Monday. “We remain very committed to that project overall and we’re working tirelessly to make sure that project is effectuated.”
The DFC first said it is reviewing financing for the project in 2023. Coleman declined to comment on the reasons for the delay, adding that they are unrelated to any changes the Trump administration has planned for the DFC.
“There’s business as usual,” at the DFC, Coleman said. “You’ll see us playing a lot in critical minerals infrastructure, both digital and transportation, as well as energy, especially here on the African continent.”
The DFC has committed a $3.4-million technical assistance grant to Pensana’s rare-earths extraction and processing project in Angola and is in talks to finance Carrinho Group’s agricultural manufacturing plant through a senior secured-debt facility.
The Trump administration has shown a keen interest in Africa’s critical minerals as it seeks to challenge China’s dominance.
While the US lags China in the minerals race in Africa, it is “not too late,” Coleman said. China currently processes all the minerals it extracts from the continent in China, “and that’s not what any of the countries want,” he said.
There is room for the US and for the countries to diversify their customer base and think differently about beneficiation, Coleman said. “There’s opportunity in the lateness.”
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
AirNox (Pty) Ltd is a level 1 BBBEE manufacturer of complete AdBlue® solutions for operators of SCR diesel engines and AUS40 across South Africa...
VISIT SHOWROOM
Design, Construction and Maintenance of Site Erected, Welded Bulk Storage Tanks for the Petrochemical, LNG, Ammonia and Sustainable fuel Sectors.
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
