Latest news with #MotaEngil
Reuters
21 hours ago
- Business
- Reuters
Trafigura-led consortium aims to finalise US loan deal by end-2025
Aug 20 (Reuters) - Lobito Atlantic Railway (LAR) aims to finalise by the end of this year a $533 million loan deal with the U.S. International Development Finance Corporation (DFC) that is vital for the upgrade of its Angolan concession, LAR's CEO told Reuters. The U.S. development lender pledged the loan in 2024 to support the revamp of 1,300 kilometres (800 miles) of railways and provide a quick route to haul minerals that are critical to the global shift to cleaner energy. Angola in 2022 handed LAR, a consortium of Trafigura, Mota-Engil and Vecturis SA, a 30-year concession to operate the rail link and provide a quick route for copper and cobalt exports from the Democratic Republic of Congo through the Lobito port on the Atlantic coast. The company's newly appointed CEO Nicholas Fournier said the U.S funding was close to being concluded, despite concerns triggered by President Donald Trump's reversal of Biden-era climate and energy policies. "There will be no change. I know lots of people try to put this as a geopolitical thing, but it's really a commercial transaction we are doing," Fournier told Reuters in an interview. "There is an army of lawyers on both sides discussing the last comma and everything, so it's going in the direction. We're hoping to have this completed before the end of the year," he added. Fournier said LAR expected volumes on the Lobito line to double following ongoing upgrade work funded by the consortium partners, which have committed $555 million in investment. "We want in 2026 to double, doing 40,000 tons a month, one way and 40,000 tons the other way. And then continuing to be able to do 1.5 million tons a year during this decade," he said. LAR's cargo trains move mainly copper and cobalt to the Lobito port for export markets. They also haul sulphur mostly to DRC mines as well as agricultural commodities and industrial products from the port.
Yahoo
21 hours ago
- Business
- Yahoo
Trafigura-led consortium aims to finalise US loan deal by end-2025
By Nelson Banya (Reuters) -Lobito Atlantic Railway (LAR) aims to finalise by the end of this year a $533 million loan deal with the U.S. International Development Finance Corporation (DFC) that is vital for the upgrade of its Angolan concession, LAR's CEO told Reuters. The U.S. development lender pledged the loan in 2024 to support the revamp of 1,300 kilometres (800 miles) of railways and provide a quick route to haul minerals that are critical to the global shift to cleaner energy. Angola in 2022 handed LAR, a consortium of Trafigura, Mota-Engil and Vecturis SA, a 30-year concession to operate the rail link and provide a quick route for copper and cobalt exports from the Democratic Republic of Congo through the Lobito port on the Atlantic coast. The company's newly appointed CEO Nicholas Fournier said the U.S funding was close to being concluded, despite concerns triggered by President Donald Trump's reversal of Biden-era climate and energy policies. "There will be no change. I know lots of people try to put this as a geopolitical thing, but it's really a commercial transaction we are doing," Fournier told Reuters in an interview. "There is an army of lawyers on both sides discussing the last comma and everything, so it's going in the direction. We're hoping to have this completed before the end of the year," he added. Fournier said LAR expected volumes on the Lobito line to double following ongoing upgrade work funded by the consortium partners, which have committed $555 million in investment. "We want in 2026 to double, doing 40,000 tons a month, one way and 40,000 tons the other way. And then continuing to be able to do 1.5 million tons a year during this decade," he said. LAR's cargo trains move mainly copper and cobalt to the Lobito port for export markets. They also haul sulphur mostly to DRC mines as well as agricultural commodities and industrial products from the port.
Reuters
07-05-2025
- Business
- Reuters
Mining convoy attacked in Mali on road to Allied Gold's Sadiola mine, sources say
May 7 (Reuters) - A convoy transporting heavy mining equipment from the Malian capital Bamako to Allied Gold's ( opens new tab Sadiola mine came under attack in the Kayes region over the weekend, two people familiar with the incident told Reuters late on Tuesday. The attack points to expanding security risks - and related additional costs - facing mining companies operating in military-led Sahel states that are struggling to contain Islamist militant groups. The Reuters Tariff Watch newsletter is your daily guide to the latest global trade and tariff news. Sign up here. While government and military convoys more frequently come under attack in Mali, attacks on mining equipment have until now been rare. The CEO of Canadian gold miner Fortuna this month told Reuters that increased security concerns due to jihadist threats were among the reasons the company recently decided to exit Mali's neighbour Burkina Faso. In Sunday's attack, two large trucks were set alight, an excavator was damaged and two pick-up trucks were stolen, one of the sources familiar with the incident said. No group has yet claimed responsibility for the attack. The equipment belongs to the local Caterpillar dealer Neemba and had been leased to the subcontractor Mota-Engil, which operates at Sadiola's quarry, the sources said. Eight people present - all employees of Neemba - were unharmed in the attack, which the sources said was disrupted by soldiers from the Malian army who had been nearby. The incident took place between the towns of Diema and Sandare, the sources said. A separate security source confirmed an attack had taken place in that location on Sunday, but was unable to provide further details. Spokespeople for Allied Gold, Neemba and Mota-Engil and a spokesperson for Mali's army did not immediately respond to requests for comment. Mali is one of Africa's largest gold producers, with mining companies including Barrick Gold ( opens new tab, B2GOLD ( opens new tab, Resolute Mining ( opens new tab, Endeavour Mining (EDV.L), opens new tab and Hummingbird Resources active in the gold-rich western and southern regions. In February 2024, three employees of the Canadian miner B2Gold were killed in an attack on a convoy transporting them from the Fekola gold mine in southwest Mali to Bamako, the company said at the time. But two sources with knowledge of that incident told Reuters the buses had been mistaken for a military convoy. Mali, Burkina Faso and Niger have experienced coups in recent years carried out by military officers who vowed to push back jihadist groups affiliated with Al Qaeda and the Islamic State, though rampant insecurity persists in all three countries.
Yahoo
06-05-2025
- Business
- Yahoo
Chilwa Minerals begins negotiations with Malawi for critical minerals project
Australian exploration company Chilwa Minerals has announced the start of development talks with the Malawian Government to establish a mining development agreement (MDA) for the Chilwa critical minerals project in southern Malawi. The MDA, as outlined by the Malawi Mines and Minerals Act of 2023, is a legal contract that details the project's operating, ownership and fiscal conditions. Such agreements are common in Africa and are instrumental in establishing a reliable legal and fiscal environment for mining projects. The MDA will lay out the fiscal and operational framework necessary for the project's development. To advance the MDA process, Chilwa Minerals is required to upgrade a significant portion of the current mineral resources to the measured and indicated categories. Chilwa Minerals is progressing with drilling operations in the Central Area deposits to update the mineral resource estimates and conduct economic studies. This step is crucial for mining optimisation and design. Subsequent economic studies will reflect the updated mineral resources, revised costs and recent changes in mineral assemblage information. The company expects to make substantial progress on the MDA in 2025. Chilwa managing director Cadell Buss said: 'A mining development agreement provides the necessary framework for the development of the Chilwa critical minerals project. It provides the fiscal and regulatory certainty that financiers seek to assess the project's debt funding capacity. 'Chilwa has several key factors in its favour as it commences the MDA process. Firstly, several other listed companies have gone through the process in recent years, providing a road map for both sides towards a successful completion. 'Secondly, we are fortunate to have the ongoing support of Mota Engil, a company that has been successfully operating in Malawi for decades and is well respected at all levels. 'Finally, right from the outset, we have committed to having a strong relationship with the government and our local host communities, ensuring that we build a long-term project of value for Malawians.' "Chilwa Minerals begins negotiations with Malawi for critical minerals project" was originally created and published by Mining Technology, a GlobalData owned brand.
