US sticks to plan for new African critical minerals railway
The US International Development Finance Corporation is finalising 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 Group over the funding, Conor Coleman, head of investments at DFC, told reporters on the sidelines of the US-Africa Business Summit in the Angolan capital, Luanda, on Monday.
'We remain very committed to that project overall and we're working tirelessly to make sure that project is effectuated,' he said.
The DFC first said it's reviewing financing for the project in 2023. Coleman declined to comment on the reasons for the delay, adding that they're 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.
In separate comments, Angola's Minister of State for Economic Coordination Jose de Lima Massano attributed the delays to contractual clauses, including guarantees sought by the funders.
'These aren't state loans,' Massano said. 'We're working to ensure the right conditions for private investment to advance quickly.'
Neighbouring Democratic Republic of Congo is also asking the DFC to support plans to rehabilitate a railway line from the country's copper and cobalt mines around the town of Kolwezi that connects to the corridor, Congolese Transport Minister Jean-Pierre Bemba said.
The country is already in talks with the European Union and the European Investment Bank about supporting a public-private partnership to develop the project, Bemba said. A small amount of planned funding for the project from USAID was blocked amid cuts to the agency by the Trump administration earlier this year.
Congo's government plans to launch a tender to build the infrastructure in November, with the hope the railway may be running in three years, Bemba said.
Congo is the world's biggest cobalt producer and second-largest copper miner, and has huge deposits of lithium that could be shipped along the line.
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's '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.'
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I would like to record my personal thanks and commendation on an outstanding achievement by all three people.' About the NGP The NGP (or the Project) is located in north-western Tanzania, within the Sengerema District of the Mwanza Region, south of Lake Victoria approximately 60 kilometres southwest of Mwanza (Tanzania's second largest city) (Error! Reference source not found.). The Project is located on the north-eastern flank of the Sukumaland Archaean Greenstone Belt of the Lake Victoria Goldfield, approximately 60 km east of Anglogold Ashanti's Geita Gold Mine and 35 km northeast of Barrick's Bulyanhulu Gold Mine. The Project area covers Nyanzian greenstone volcanic rocks and sediments typical of the greenstone belts of the central NGP Mineral Resource Estimate includes an Indicated Resource of 74.2 Mt grading 1.33 g/t Au for 3.2 Moz Au and an Inferred Resource of 15.0 Mt grading 1.2 g/t Au for 0.6 Moz Au (). 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Internal Rate of Return (IRR) of 26% pre-tax and 19% post-tax (or 45% pre-tax and 34% post-tax at a gold price of US$2,700/oz).A second phase of resource definition drilling is currently underway at NGP, aiming to convert Inferred Mineral Resources into Indicated Mineral Resources, which would potentially enable the Ore Reserve to be materially expanded and the life of the NGP operation extended during the second phase of the Project, beyond the currently projected 11-year mine-life. The current drilling program has been designed to further inform and advance Perseus's proposed open pit mining scenario at Nyanzaga as detailed in the Feasibility Study update, released to the market on 25 April 2025 (see ASX release 'Perseus Mining proceeds with development of the Nyanzaga Gold Project'). Drill holes have been designed to infill existing drilling, collect additional information including metallurgical and geotechnical data and most importantly evaluate potential strike and depth extensions to the mineralisation. As of the end of June 2025, a total of 35,623m of combined reverse circulation (RC) and diamond (DD) drilling has been drilled into the Tusker and Kilimani deposits. Since acquiring the NGP in April 2024, Perseus has drilled a total of 58,609m, with the majority of this being resource definition drilling into the Tusker and Kilimani deposits. Infill drilling has been designed to improve the average drill spacing across the deposit from 40 m × 40 m to a nominal drill pattern of 20m × 40m and was completed across the main Tusker mineralisation and the adjacent Kilimani deposit. Drilling remains ongoing across both Tusker and Kilimani and continues to support the current mineralisation interpretation across both deposits. Key results achieved to date have been released to the market via an exploration announcement, dated 5 December 2024 entitled 'Confidence Boosting Infill Drilling at Nyanzaga Project) and a further exploration announcement dated 22 July 2025 entitled 'Perseus Mining delivers encouraging drilling results from its current drill program at the Nyanzaga Gold Project.' Perseus's decision to proceed with developing the NGP builds upon Perseus's demonstrated capacity to successfully develop and efficiently operate modern gold mines on the African continent. Perseus has previously successfully developed, and is now operating three gold mines including Edikan, Sissingué, and most recently, the Yaouré gold mine that was delivered ahead of schedule and under budget in 2020, using many of the same team that will be deployed on the NGP development. Competent Person Statement: The information in this report that relates to Mineral Resources is based on, and fairly represents, information and supporting documentation prepared by Daniel Saunders, a Competent Person who is a Fellow of The Australasian Institute of Mining and Metallurgy. Mr Saunders is a full-time employee of Perseus Mining Limited. Mr Saunders has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'' and to qualify as a 'Qualified Person' under National Instrument 43-101 – Standards of Disclosure for Mineral Projects ('NI 43-101'). Mr Saunders consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. The information in this report that relates to Ore Reserves is based on information compiled by Mr Adrian Ralph, a Competent Person who is a Fellow of The Australasian Institute of Mining and Metallurgy. Mr Ralph is a full-time employee of Perseus Mining Limited. Mr Ralph has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activities which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' and a Qualified Person as defined in NI 43-101. Mr Ralph consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. The Company confirms that the material assumptions underpinning the estimates of Ore Reserves described in 'Technical Report — Edikan Gold Mine, Ghana' dated 6 April 2022, 'Technical Report — Yaouré Gold Project, Côte d'Ivoire' dated 18 December 2023, 'Technical Report — Sissingué Gold Project, Côte d'Ivoire' dated 29 May 2015, and 'Technical Report — Nyanzaga Gold Project, Tanzania' dated 10 June 2025 continue to apply. Caution Regarding Forward Looking Information: This report contains forward-looking information which is based on the assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Assumptions have been made by the Company regarding, among other things: the price of gold, continuing commercial production at the Yaouré Gold Mine, the Edikan Gold Mine and the Sissingué Gold Mine without any major disruption, development of a mine at Nyanzaga, the receipt of required governmental approvals, the accuracy of capital and operating cost estimates, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used by the Company. Although management believes that the assumptions made by the Company and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any anticipated future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the actual market price of gold, the actual results of current exploration, the actual results of future exploration, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's publicly filed documents. Readers should not place undue reliance on forward-looking information. Perseus does not undertake to update any forward-looking information, except in accordance with applicable securities CODE: PRUCAPITAL STRUCTURE:Ordinary shares: 1,350,988,737Performance rights: 9,328,134REGISTERED OFFICE:Level 2437 Roberts RoadSubiaco WA 6008Telephone: +61 8 6144 DIRECTORS:Rick MenellNon-Executive ChairmanJeff QuartermaineManaging Director & CEO Amber BanfieldNon-Executive DirectorElissa CorneliusNon-Executive DirectorDan LougherNon-Executive DirectorJohn McGloinNon-Executive DirectorJames RutherfordNon-Executive Director CONTACTS:Jeff QuartermaineManaging Director & FormanInvestor Relations+61 484 036 RyanMedia+61 420 582 ASX Announcement dated 11 June 2025, Perseus Mining announces 5-Year Gold Production Outlook2 Perseus owns an 80% contributing interest in the NGP together with the Government of Tanzania who owns a 20% non-contributing interestError in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
