Congo copper corridor set for $1bn US boost

Mota-Engil is set to sign a 30-year concession to rehabilitate and operate a key copper and cobalt railway in the Democratic Republic of Congo, according to Bloomberg.The project could receive up to $1bn in US financing.The agreement would give Portugal’s largest construction company control of the Congolese section of the Lobito Corridor. The strategic route is intended to increase shipments of critical minerals to Western markets.The roughly 1,000km railway runs through major mining centres including Kolwezi, Tenke and Lubumbashi.Mota-Engil already helps operate the corridor’s Angolan section through a joint venture with Trafigura, connecting the mineral-rich interior to the Atlantic port of Lobito.The US International Development Finance Corporation has backed the Angolan route and in December signed a letter of interest with Mota-Engil for up to $1bn to support rehabilitation and operation of the Congolese railway.The project reflects intensifying competition for Africa’s critical minerals. Congo is the world’s second-largest copper producer and its leading source of cobalt, but Chinese companies currently dominate much of the country’s output.The US has sought closer mineral ties with the country, as it tries to reduce reliance on China for strategic commodities.The Lobito investment also comes as Chinese companies advance a $1.4bn overhaul of a rival railway linking Zambia’s copper belt with Tanzania’s Indian Ocean port of Dar es Salaam, underscoring the growing geopolitical importance of African mineral-export infrastructure.The post Congo copper corridor set for $1bn US boost appeared first on Miningmx.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com