MINING NEWS IN AFRICA

Eliana Pereira dos Santos

Exclusive interview with Eliana Pereira dos Santos, Country Manager, UN Global Compact. At the upcoming she is a speaker in a session on addressing the ESG aspects of developing the Lobito Corridor as a catalyst for responsible mining growth.

Thank you for joining us. Let’s start with some background on you.

Thank you very much for giving me this opportunity to participate in this interview. My name is Eliana Pereira dos Santos. I have been with the United Nations Global Compact for the past 3 years. What I enjoy the most in this work we do is to advance sustainable development worldwide, in particular focusing on Angola. I study economics at university and I hold degrees in public administration and management as well as training in sustainability transition. I spent 8 years working in the Ministry of Public Administration, Labour and Social Security, where I held various positions, including working in the office of the Secretary of State for Public Administration. I also worked at the National Public Administration and National Institute for Social Security.

Tell us more about your current role as country manager of UN Global Compact.

Launched in 2000, United Nations Global Compact is a special initiative of the former United Nations Secretary General Kofi Annan. The Global Compact provides a framework for developing sustainable and responsible business. Today, Global Compact is the largest sustainability initiative in the world with more than 25,000 companies and 4,400 non-business participants across the 160 countries.

Global Compact is a call on companies everywhere to align their operations and strategies with the 10 universal principles in areas of human rights, labour, environment and anti-corruption. Our mission is to mobilise a global movement of sustainable companies and stakeholders to create the world that we want.

In Africa, we have more than a thousand companies participating in the United Nations Global Compact across 45 countries. We have 10 local networks for countries in expansion, including Angola, Botswana, Rwanda and Cote d’Ivoire. Locally, we are working to establish the local network in Angola, our expectation is that Angola will become the eleventh local network in Africa. And I can say that at local level, our current role is to accelerate and to scale sustainable actions and responsible business by implementing specific programmes, initiatives and outreach. And we play this role in collaboration with key stakeholders, including public institutions, UN partners and some business associations.

In Angola we have 17 companies committed with the United Nations Global Compact, which for us is a significant achievement and a sign that the business sector is interested and engaged in incorporating sustainability into their strategies. Not just engaging with the social corporate responsibilities, but to embed sustainable practices in daily operations. And beyond these trainings that we develop locally, we also recognise that sustainability is a new area for many companies. Therefore, we are designing some trainings at the local level that respond to local needs. Again, talking about the SDG 17, we do not work alone. We have some partnerships with some relevant stakeholders.

What projects are you involved in in Angola and the region currently?

In terms of political representation, Angola is well-represented regarding gender equality. Nevertheless, we understand that there is a need to address these issues in the business sector. For this reason, in partnership with the advisory committee, the companies in Angola, we recently launched our local platform on gender equality. Our main goal is to understand how companies are integrating the SDG-5 in their strategies and also to provide tools and platforms to promote gender equality in the workplace.

We also aim to address questions related to human rights. This year, for example, we are working on workshops in partnership with some companies from the mining sector, which aim to empower local companies in the process of identification, prevention and mitigation some risks of human rights violations, contributing to more responsible and conscientious business—not just in their business per se, but looking also at their operations and value chains.

What in your view are the current challenges and opportunities for investors in the mining sector in Angola?

That’s an interesting question. The mining sector in Angola, much like other countries, presents both challenges and opportunities for the investors. On one hand, there are the usual considerations around regulatory frameworks, infrastructure and ensuring that operations are aligned with international sustainable standards.

But on the other hand, there are also opportunities to contribute to economic growth, job creation and to engage with the global trends around responsible and sustainable resource management. We believe that increasingly investors also are looking at how they can balance financial return with social and environmental impacts, which is an area where the Global Compact principles can provide useful guidance. Overall, challenges exists, but there is clear potential for responsible investments and the opportunity to create and share value.

What is your vision for the sector, for Angola and for the continent?

Africa is rich in minerals, and for these reasons, it has faced various governance and legal security challenges as well as infrastructural, political and regional instabilities. Environmental and social issues are also evident and important in this sector. Nevertheless, there is enormous potential that has been explored, we believe. In Angola, the mining sector plays a central role, as outlined in Angola’s 2050 Strategy. The activation of the Lobito Corridor will drive economic diversification, which consequently implies reforms of the regulatory environment to attract investments in technologies, renewable energies and local manufacturing industry.

On the other hand, sustainability and ESG allow companies to comply with international standards, data disclosures and transparency. There are three mining companies in Angola that participate in the United Nations Global Compact that have voluntarily committed to align their business strategies to our 10 principles in areas of human rights, labour, environment and anti-corruption. For this reason, they are required to report on their progress in these areas every year.

On the opening day of the upcoming AIMC, you are a speaker in a session on addressing the ESG aspects of developing the Lobito Corridor as a catalyst for responsible mining growth. What will be your message?

The mining sector has the potential to drive economic diversification. This is indeed the reality. But it also offers the opportunity to create jobs to strengthen local value chains. However, it also requires robust governance, responsible environment practices and meaningful participation from the communities.

The United Nations Global Compact offers companies tools that can drive corporate responsibilities and to enable transparencies, respecting environmental responsibilities and integrity driving business. Taking these aspects into account, we believe that the Lobito Corridor has the potential to become a beacon of responsible mining in Africa.

How important is an event such as AIMC for the region’s extractive sector?
The AIMC presents an optimal opportunity to connect governments, national and international companies, investors, suppliers and communities. We believe it will foster partnerships, accelerate technology transfers and ensure regulatory alignment as well as advance sustainability initiatives.

Anything you would like to add?

I just want to say thank you very much for the invitation. I’m very honoured to participate in this conference, which will not only boost the Angolan market but also the opportunity to showcase the work being done in the Angolan sector through this major project, the Lobito Corridor. On the other hand, it highlights how Angolan companies are advancing sustainability and integrating into their business strategies those 10 principles as well as SDGs. Thank you so much.

John Youhanes Magok Nhial

Exclusive interview with John Youhanes Magok Nhial, Mineral Resources Development Expert, Department of Economic Development, Trade, Tourism, Industry and Minerals. Mr Nhial is a speaker at the upcoming Angolan International Mining Conference (AIMC) in Luanda. 

In your view, what are the current challenges and opportunities for investors of the mining sector on the continent?

So the current challenges, of course, in a few African countries, we have challenges of peace and security that hinder sustainable investment in some part of the continent where some African countries are well in doubt with mineral resources. But the key aspect, which is peace and security, are still a challenge.

But of course, some challenges are developmental aspects in terms of infrastructure and access to energy when it comes to value addition and manufacturing efforts. So, the challenges vary from country to country. If you look at the continent, some really still warrant support in geological and mineral information system. Some countries are well advanced with their regulations, minerals acts and all the laws that govern the sector. Some countries are well advanced in that aspect, but some also are still looking into having a more conducive legal environment.

So when you look at that aspect, the challenges vary. We can have a collective view on how the continent looks, but there is still challenges in the sector, as much as a little advancement in some countries when they push for value addition and so on. And we also witness countries also coming up with policies of banning the export of raw materials.

So value addition creation has been a big challenge on the continent, and we are looking forward to pushing investment with that in a way that minerals beneficiation is ensured on the continent so that the communities that are living in those mineral rich areas also enjoy the social economic benefits that come from minerals-led industrialisation.

Are the Angolan authorities sending the right message and doing the right things to attract investors?
Because like with any other countries, sending the right and clear message to the investors is needed. Also advocating for conducive policies and legislatures that you have on the continent is good. And as we are in Angola, it will also be good for the Republic of Angola to look at how they can also sell the message that encourage the investors to come and invest in the country’s mineral sector. So it is about laws, is about accessibility of information, it’s about transparency, it’s about the ESG, which is the environmental and social governance, and how those are related to the long-term developmental agenda of each country, including Angola and others.

What is your vision for the sector, for Angola and for the continent?

For me as a mining engineer, I look at Africa to lead the next industrial revolution because we are now moving towards energy storage where there is electrification of our economy. You look at the electrical vehicles, you look at the rechargeable batteries, you look at solar panels, wind turbines and so on. These are technologies that are produced and conducive to our environment in a way that they do not release carbon dioxide that temper with the climate change. But in actual sense, when you go back to the downstream and upper stream as well as you relate this as processes, you look at the upper stream when you do extraction of the minerals. So you look at the lithium, cobalt, graphite, then copper and cobalt and all those minerals are associated to energy transition are very key to Africa’s development.

So my vision is Africa to position itself as a key leader in the new industrial revolution led by electrification. So we need to be part of this process. We need to be a lead in this aspect as a continent. And Angola also has a better chance to position itself as a leader in that aspect. It is by creating a conducive environment, by insisting on value addition and value coordination on the continent.

You are addressing the upcoming AIMC in a session titled “Building a Sustainable Supply Chain and Community Engagement,” addressing the ESG aspects of developing the Lobito Corridor as a catalyst for responsible mining growth. What will be your message at AIMC?
Indeed, I will be at the AIMC and I look at how we link the minerals commodities development into the community and the social aspiration that each African aspires to achieve. So we look at a balancing approach where we ensure that minerals are extracted responsibly, but also ensure that the right of indigenous community are respected, and the infrastructure development and other social development also takes place. And other intercontinental developments: We have the African Continental Free Trade Area that champions inter-African trade. So we are looking at how Africa can trade within itself using mineral resources, but also with the other side of the world, looking at projects like the Lobito Corridor, which is also another advantage for infrastructure development.

But we also need to look at it in a way that it is not only from pit to pot or from the mine side to exportation of raw materials. We want to see those continental regional projects are also aligned to African Union vision under the Africa Mining Vision that prioritises value addition and industrialisation within the continent. So those are the opportunities that the continent need to capitalise on. And I will make a very clear call in the AIMC 2025 that Africa need to take its place on the continent and also be a global player when it comes to critical minerals, beneficiation and development.

How important is an event such as AIMC for the region’s extractive sector?

Of course, the AIMC is a regional programme at a continental level. It is very key as it is serving as a convening platform where government representations, intergovernmental organisation, investors and private sector and Africans themselves and investors globally to come and engage on how they can work together in advancing the development of aspiration in the mineral industry sector.

So it is a key platform, very important as it brings in different actors who are championing intercontinental mineral development. So such a platform is very important. It helps in creation of network, it helps in new investment, it helps in branding and advocating for investment across the minerals value chain on the continent and globally as well.

Anything you would like to add?

Definitely, for decades, Africa has been talking about value addition to its raw materials, but it is the right time for Africa to benefit from this critical energy boom and the energy transition. So Africa needs to position itself as a player that promotes mutual partnership, mutual partnership that comes with responsible mining of minerals on the continent and also respect the rights of the indigenous community. So, Africa has a chance that shouldn’t be wasted. It is also a global player in the energy transition. Thank you very much.

Interview with Tim George, CEO, Pensana Plc.

Thank you for joining us. Let’s start with some background on you.

Good morning, name is Tim George. I’m the CEO of Pensana Plc. A little background on me is mainly in production in terms of being a mineral engineer graduating from Leeds back in 1986 and entering gold, coal and diamond production for the first decade. Subsequent to that, I was involved in business development, particularly for the Anglo American Corporation of group companies around Sub-Saharan Africa, spending quite a number of years in Nigeria and Angola in the late 90s and early 2000s. By way of corporate recent past, I’ve been involved in listing and M&A activity on primarily the London Stock Exchange in various roles and various organisations before joining Pensana Plc.

Tell us about the history of Pensana Plc and your role there.

The Pensana Group has a long history in Africa, in Angola and in various shapes and forms, but the recent activity is focused around developing a rare earth deposit. I’ve been CEO of Pensana for the past 7 years in that role, developing this rare earth project in Angola.

What particular projects has your focus currently, and who are your partners?

Pensana has been involved in a couple of projects over the last 7 years under my tenure in Angola. The main focus for the past 7 years has been on developing the Longonjo Project, which is a rare earth associated with a carbonatite deposit in the centre of Angola, about an hour or so away from the province capital of Huambo, and particularly encouraging being right alongside the Lobito Corridor. It’s about 4 km away from the railway line that goes down from the centre of the Congo and Copperbelt all the way down to the deep water port in Lobito. So it’s been an absolute pleasure developing a project with access to infrastructures, power, water, transport, etc.

This is now becoming one of the lowest cost and competitive alternatives on a west-facing basis for the development of a rare earth project globally with one of the largest untapped resources globally as well. We are now moved through exploration and all the permitting processes into construction as of this year and commissioning towards the end of 2026 and production in 2027 on that particular project.

In addition, we have another carbonatite deposit around 40 km away from the Longonjo project called Coola, which we have done some preliminary work on and just recently commenced a drilling programme on that particular project.

In your view, what are the current challenges and opportunities for investors of the mining sector in Angola?

I’d say in Angola there are more opportunities than challenges at this point in time. It’s real elephant country in terms of exploration. The likes of De Beers, Rio, Ivanhoe, etc. and Anglo American are involved in extensive exploration activities for the past couple of years. And whilst it’s a large country with the legacy of a period of civil unrest, it is now emerging into one of the areas where you have unlimited access in terms of exploring for geological features etc. that really have remained untapped for the past 30 or 40 years.

What is your vision for the sector, for Angola and for the continent?

I think as far as this particular sector, if I look at rare earths in particular, there are opportunities for further expansion on the rare earth front in the longer term in Angola in terms of the access to infrastructure, particularly power and clean power—Angola has over one and a half gigawatts of underutilised energy capacity at this point in time.

In terms of low carbon footprint mineral production, I think that is a key aspect on this sector. And given the clean sheets that Angola has effectively outside of the diamond sector, I envisage that this will be a country that engages fully with the transparency initiative as they have over the last 3 or 4 years, plus all of the other aspects that investors are looking at in terms of responsible mining going forward as the new projects emerge.

So, are the Angolan authorities sending the right message and doing the right things to attract investors?

In my opinion, Angola is one of the best regulated sectors in the subcontinent at this point in time in terms of the way in which the ministry is fully engaged and active and facilitates the development of exploration projects and the process right the way through in terms of legal framework seamlessly into mining from exploration.

I personally have been thoroughly impressed with the support that we’ve had right the way through the process, which included that whole period in COVID. We actually secured the mining permit in the first month of COVID when a lot of other things were coming to a grinding halt. The determination of Angola in terms of facilitating the diversification of its mining sector has been continuous and consistent. And that’s another feature of the landscape of that country emerging as it is in terms of  GDP growth in forestry, agriculture, other sectors as well being the focus and targets of all of the government institutions.

You are addressing the upcoming AIMC in a session titled “Angolan Potential in Supplying the Energy Transition: The Roadmap for Critical Mineral Success.” What will be your message at AIMC?

I just revert on this question to the particular access to hydroelectric power is one of those aspects in terms of the clean energy transition that is affordable, it’s well supplied, in terms of the grid distribution around the country. There are obviously further transmission aspects to bring it to individual projects as they emerge. But that particular aspect of the contribution of the infrastructure within Angola plus the development of mines associated with rare earths, like ours, which are part of the critical metal suites that are so important for the various downstream OEM uses in this whole energy transition that has had its holdups in terms of growth and rollout, as all of us are familiar with, but it is a continued aspect that Angola is going to be able to support as mines and other businesses come onstream.

How important is an event such as AIMC for the region’s extractive sector?

I think on this particular aspect, the extractive sector has in a way been neglected by the investment community as a consequence of legacy concerns and the commitment to social responsibility, and mining has been an area where some funds and other investors have preferred to steer clear of.

 

I think at the end of the day, we’re going through a phase where the pendulum is swinging back towards realisation that most building blocks associated with the fundamentals of commerce and support of aspects like the energy transition rely on mining. And so, events like this are critical to actually reawakening that interest in the investment community, that the opportunities are there and that these type of activities can be done responsibly and with the support of government and local communities. The recipes are there; they just need to be followed.

Ruben Brigolas – Guiding Investors Through Angola’s Mining Legal Landscape

Angola has made important strides in mining reform, but the real opportunities lie in governance and ESG principles”

Exclusive interview with Rúben Brigolas, Partner, PLMJ. At the upcoming Angolan International Mining Conference (AIMC), he is part of a discussion session titled “Above Ground Risk, Fiscal Terms, Governance, and Regulation,” focusing on the risks, regulatory landscape and ESG.

Interview summary:

Rúben Brigolas, Partner at PLMJ, believes Angola’s mining sector is on the verge of becoming a key driver of economic diversification. Speaking ahead of AIMC, he stresses that success depends not only on resource potential but also on governance, regulation, and ESG commitments.

Highlighting his work on the landmark Project N’Dumba, Brigolas says Angola has the scale, resources, and reforms to attract responsible, long-term investment. Yet challenges remain, from infrastructure and artisanal mining to funding gaps and skills shortages.

He sees opportunities in technology adoption, regional integration, and local value addition, positioning Angola as a regional leader in critical minerals. “Above-ground factors are just as important as what’s beneath the soil,” he notes, calling AIMC a crucial platform for building trust and showcasing Angola’s progress on the global stage.

Tell us more about your current role and your organisation.

I am a Partner at PLMJ, a leading law firm in Portugal with a strong presence in Angola and Mozambique through its legal network.

I specialise in Corporate M&A and natural resources, with a particular focus on the mining and energy sectors.

My work involves advising international and domestic clients on structuring investments, joint ventures, and large-scale projects, often in cross-border contexts. I also support clients in navigating regulatory frameworks, managing risk, and ensuring compliance with local laws.

Are there particular mining projects that PLMJ has been involved in that you are particularly proud of?

One project I am particularly proud of is Project N’Dumba in Angola, a large-scale mining concession of around 222 km². I had the privilege of assisting the client from the very outset through to implementation, covering every stage of the process — including negotiation of the MIC. What made this work especially rewarding was the ability to create a framework that not only gave the client and potential investors confidence but also aligned with Angola’s long-term objectives for resource development.

The project combined both greenfield and brownfield characteristics, which made it legally and technically complex, but also an excellent example of how to balance opportunity with risk mitigation. Being able to help bridge international standards with local realities, and to see the project advance from concept to execution, is something that I consider a highlight of my career in the natural resources sector.

What are the current challenges and opportunities for investors of the mining sector in Angola?

Investors face several important challenges. Infrastructure and logistics remain a key issue, given the size of the country and the distance between mining regions and export corridors. At the same time, illegal and artisanal mining creates risks for project security and for the formalisation of the industry. Another hurdle is the difficulty of securing early-stage or prospecting funding, as local capital markets may not be deep enough to support this phase.

In parallel, there is the need to continue developing local skills and technical expertise, so that the sector can rely less on expatriate capacity and create stronger long-term value in Angola. Finally, sustainability and meaningful community engagement are no longer optional — investors are expected to build projects that are environmentally responsible and socially inclusive. These are challenges, but they also create opportunities for those who are willing to adopt long-term, responsible strategies and to work hand in hand with the government and local communities

What is your vision for the sector, for Angola and for the continent?

My vision for Angola’s mining sector is that it becomes a central pillar of the country’s economic diversification, moving beyond oil and gas to build a strong, transparent, and globally competitive mining industry. This means not just extracting resources, but creating value chains locally while embedding sustainability, skills transfer, and genuine community development at the core of each project. Angola has the scale and the resource base to become a regional leader in critical minerals (not only diamonds), and the reforms of recent years show that the country is serious about attracting responsible investment.

You are part of a discussion session at the upcoming AIMC titled “Above Ground Risk, Fiscal Terms, Governance, and Regulation,” focusing on the risks, regulatory landscape and ESG. What will be your message at AIMC?

My message at AIMC will be that the success of mining projects in Angola and across Africa depends as much on what happens above ground as on what lies beneath it. Investors are increasingly looking not only at resource potential, but at the clarity of fiscal terms, the predictability of the regulatory environment, and the credibility of governance structures. A stable and transparent framework reduces risk, lowers the cost of capital, and ultimately accelerates project development.

At the same time, ESG is no longer an add-on; it is central to the licence to operate. This means that regulation and fiscal policy must be aligned with sustainability goals, encouraging responsible practices and rewarding long-term commitment.

My contribution to the discussion will emphasise that Angola has made important strides in reform, but that the real opportunity lies in ensuring that governance and ESG principles are consistently implemented on the ground, so that investors, governments and communities can all share in the benefits of mining.

How important is an event such as AIMC for the region’s extractive sector?

AIMC is very important for the region’s extractive sector because it brings everyone to the same table: governments, investors, operators, and advisors. Mining projects only succeed when there is dialogue and alignment, and an event like this is one of the few opportunities to have those conversations openly, to share experiences, and to build the trust that long-term investments depend on.

For Angola and for Africa more broadly, it is also about visibility. Events like the AIMC give countries the chance to show the progress they are making in governance and transparency, and to present themselves to a global audience of investors at a time when critical minerals are at the centre of the energy transition. It is not just another conference, it is a real platform to position the region within global value chains.

Anything you would like to add?

Technology and Innovation: The future of Angola’s mining sector will not only be defined by the resources in the ground, but by the technology we apply above it. Artificial intelligence is already changing the industry, from analysing geological data to improve exploration, to optimising operations and even predicting maintenance needs in remote sites. Combined with digitalisation of licensing processes, greater access to geological information, and the integration of renewable energy into mining operations, technology can make projects more efficient, more sustainable, and more attractive to investors. Angola has the opportunity to position itself as a leader in embracing these innovations.

Regional Integration: Angola’s mining sector should also be seen in a regional context. With its ports, railways, and geographic position, Angola has the potential to become a logistics hub for other African countries (including Southern Africa). By strengthening cross-border cooperation and investing in infrastructure that connects producers to global markets, the country can multiply the impact of its mining sector and enhance competitiveness for the entire region.

Local Value Addition and Industrialisation: The next step for Angola’s mining sector has to be moving beyond just extraction. If we can process and refine more of these critical minerals locally, we keep more value in the country, create jobs, and build expertise that lasts beyond a single project. It’s also about resilience. When you build industrial clusters around mining, you diversify the economy and reduce the exposure to the ups and downs of commodity prices. Angola has the scale and the resources to do this; the challenge now is to make it happen through the right partnerships and investment in infrastructure.

Nuno Chaves Frota – Lobito Corridor: A Game Changer for Regional Growth

LAR: “The Lobito Corridor is not just a railway or a terminal, but a regional investment platform for Angola, DRC and Zambia”

Exclusive interview with Nuno Chaves Frota, Legal and Compliance Director, Lobito Atlantic Railway (LAR). Mr Chaves Frota is part of the AIMC conference programme at which the Lobito Corridor will be at the centre of discussions on sustainable supply chains, investment opportunities and Angola’s growing role as a regional hub.

Thank you for joining us. Let’s start with some background on you

Thank you for the invite as well to introduce not only myself, but the company. My name is Nuno Chaves Frota. I’m a solicitor of the Senior Courts of England and Wales. I’m also civil law qualified being a registered lawyer in Angola and in Portugal. I hold a master’s degree ( LL.M= in international business law from the University of Manchester in the United Kingdom. I also previously studied law and hold a five year honours degree from UMAC in Macao, Special Administrative Region of the People’s Republic of China. I hold a post-grad diploma in International Commercial Law and Arbitration from the University of Lisbon’s Faculty of Law.

 

I come to this project, the Lobito Atlantic Railway (LAR) with a mixed background. I am a lawyer by trade with a combined private practice and in-house experience of over roughly 20 years. I first qualified back in 2005. I joined Lobito Atlantic Railway from a major company involved in projects, it was an asset equity investor based in Switzerland. And prior to that, I was a partner of a mid-tier law firm in London, in the UK and after that a senior counsel with a UK based law firm, the 8th UK law firm and ranked 63 on the 200 list of global law firms. Finally, back in 2012, I was a senior counsel for one of my current shareholders, Trafigura, a major trader, involved with mid- and downstream oil and mining projects and my activities spanned across seven African jurisdictions.

Tell us more about your current role at the Lobito Atlantic Railway.
I joined LAR in the first quarter of 2024. I’m currently sitting as chief legal and compliance officer for the Angolan rail and port concessions. My purpose since joining this company has been to build a team of expert lawyers focused on both concessions, they are all from Angola. I refer to both concessions because we’re talking about a rail concession and a mining terminal concession. Together they make what Lobito Atlantic Railway is today. So, we are a team, and we are all focusing together on compliance, contracts and commercial legal issues, regulatory, insurance coverage, corporate and governance. I also lead the assets insurance coverage, as I mentioned, in Angola. This takes on board rail assets, rolling stock and everything port-related, including for example, terrorism coverage, etc. As things have progressed since I joined, I have cumulatively been appointed Chair of the Company’s Compliance Committee. I’m also Lobito Atlantic Railway Data Protection Officer. I’m the Company Secretary and Board of Directors Secretary. Recently, and as from the 18th of June this year, I have been appointed by the Board of Directors as part of the Senior Executive Management Committee of the Company.

What have been significant milestones of the project so far?

In terms of the significant milestones that have been achieved of the project, I will refer to the legal scope more than others, more than the other operational ones. But effectively, when I joined, there was no legal department per se. So, I think the first thing that what  done when I joined in February 2024 was identifying and recruiting local talent. By doing that, I made sure that I had the right assistance locally to oversee the overall aspects, legal and compliance aspects of the project, but also obviously to assist the operational team in getting the job done. That was the purpose of coming back to Angola and being here on a permanent basis as Chief Legal.

 

So my approach is very straightforward; it’s a less to no fluff approach. By that, I mean that we focus together, myself and my team, on local context and singularities of the project. We take on board the country specs as well as the region.

 

The second aspect or milestone that has been achieved is the compliance programme. Nowadays, LAR has major policies in place that have been published internally by service order, and these policies refer to AML, ABC, anti-terrorism finance, Gifts’, third parties’ and procurement policies. Basically, as I said, the entire compliance programme is now in place.

 

Third milestone achieved:  we have rolled out our compliance in-person training to up to 300 people, both in Lobito and in Huambo Provinces. We are now extending to other Provinces the same training, and this is being planned to take place between October and December this year. This rollout is fundamental for LAR, as training is one of the components that is really important for our Company culture to crystallize our compliance culture and our safety general obligations, since we manage assets that have a high degree of risk.

 

Regarding the fourth point in terms of milestones: Governance and delegations of authority are now in place and from a corporate standpoint we are fit to go faster than we were previously. All the governance has been pre-approved by the Executive Committee and obviously with a green card from the Board of Directors. It is important to note that this Executive Committee is directly appointed by the Board of Directors and therefore we have a mandate to maintain a strong governance with strong policies in place and this has been achieved in less than 2 years.

 

Finally, in terms of all the licencing, we’re talking about over 207 licences required from a regulatory point of view. So, aswe have a (sector) regulator, which is called the ANTT, with whom we collaborate, i.e we work in a very aligned manner and because of this stronger relation we have with them we’ve been able to achieve in less than 2 years all the licencing required to be fully compliant in Angola to operate such assets. And so that is a significant milestone for us as well.

How important is this corridor in attracting investors to this region, particularly for the mining sectors in Angola, DRC and Zambia?

There are several points here, but I will refer to five main ones.

The first one is the strategic logistics’ advantage of the corridor. There are two aspects regarding this advantage: It is the shortest route to the Atlantic.  LAR being a rail concession, it offers DRC direct rail access to the Port of Lobito. Vastly improving export capabilities compared to longer southern routes, the ones that we knew when we took over this concession.

 

Note that there is somehow a misconception at times of what the LAR concession is, and some people tend to think that the LAR concession is the Lobito corridor, and it’s a misuse of names that may lead to confusion. I look at it as LAR, operating and managing the railway concession from Lobito to Luau, being the Zambia side of it, not part, not integrated in the LAR concession. So as I said, being the shortest route is one strategic logistical advantage.

 

The second one is the fact that we’re talking about faster and cheaper transport. What does it mean? It means it can cut transit times by, I would say, probably by 7 to 10 days and reduce shipping costs by roughly 30 to 40%. These efficiencies are crucial for investors aiming to lower operational costs and enhance competitiveness. It’s clear.

The second point of my five bullet points is the surge in mining investment. Let’s go back to the question, how important is this project in attracting investments to the region, in particular for the mining sectors in Angola and DRC? Well, in the DRC’s Copperbelt and Katanga, where 70% of global cobalt and significant copper reserves lie, improved infrastructure can actually unlock an estimated $2 to $3 billion in new mining investments. Therefore, it will boost production by an expected average between 20 to 30% over the next decade. That’s the first point in terms of the surge of mining investments.

The second one is that it is important to always refer  to the enormous potential of Angolan mines and the overall global interest in metals and minerals that are made or mined in Angola. And this has been the case for many years, but I think as we see a lot of infrastructure that allows the monetisation of these investments, you will also see as a result a surge in other and more perhaps structured mining investments.

 

The third point has to do with the attraction of international strategic capital. You don’t plan an investment if you don’t have finance backup, that is obvious. So in three points, major global players are investing heavily, such as our shareholders, Trafigura and Mota-Engil, via our company, Lobito Atlantic Railway, which is a local Angolan company. These major investments are driving infrastructure upgrades, backed by hundreds of millions of dollars of investments.

 

There’s no geography in terms of origin of this capital and that’s the beauty of it. We are really attracting, not only to Angola but across the border also to DRC, major strategic capital, and that’s fundamental for the evolution and sustainability of these projects.

 

Second point regarding attracting international and strategic capital, development finance is flowing and, in our case, with Lobito Atlantic Railway, we’re currently discussing finance with the likes of DFC and pledges from the African Finance Corporation. This broad backing signals undeniable strong investors’ confidence. Finally, multilateral international support initiatives that also legitimise and attract further interest from the international community.

 

The fourth point has to do with broader economic and regional spillover effects. Let’s put it this way, the corridor is not just mining. When we talk about the Lobito corridor, we’re talking about much more than our company, than Lobito Atlantic Railway. Although we are an integral part of it and we were set up because of this corridor. The truth is that it is expected that this corridor will undergo several developments on several factors and sectors. I’m referring to agriculture, manufacturing, logistics services that can flourish along the routes. We expect to see a replica effect across the corridor, and LAR is looking at it with pragmatic optimism. Angola expects roughly a 2% annual GDP boost in USD and up to a 40% rise in regional trade volumes over the next decade. And that’s also significant. Strategic investments in energy, renewable powers, education, and even special economic zones are being planned alongside these roots, this corridor.

 

Finally, how important is the corridor in attracting investors to the region? Let me raise two points.

LAR offers an alternative to traditional export routes that have been primarily monetised by other Southern African jurisdictions. Angola is now a real alternative. And as it stands, it looks like it’s the best and most profitable corridor that commercial companies and miners can use.

And second point, the broader involvement of other continental economic powers sheds the right light on the project and on its commercial importance. And let’s not forget that after all, this is a commercial project.

What have been the challenges so far?

I think there will always be challenges. We are not fooling ourselves with, not only the project and the difficulties in the region, we are very pragmatic. But as I used this expression before, we tend to be optimistic with our pragmatism. So, despite strong momentum, execution risks still exist.

Let’s look at the first one: regulatory fragmentation across several countries. We’re talking about Angola, we’re talking about DRC, we have referred  Zambia. This fragmentation may or can delay seamless operations. We are very straightforward in relation to that. There are efforts that we need to make together.

The second point is infrastructure gaps, such as unmodernised facilities and incomplete or nonexistent logistic hubs. These may limit full corridor benefits. There’s a lot of work being done. There’s more work that needs to be done. Security concerns may pose risks to rail safety and reliability, and this is therefore a primary concern. It is a concern because we deal with assets and people, and we want people to benefit from a safe environment. So safety first is actually embedded in all our policies and company culture today.

Finally, coordination challenges across multi-donor frameworks and overlapping compliance standards. We are a  full compliance focused company. We are transparent. We want to be at the top of our game, so to speak, in terms of where we position ourselves from a compliance point of view. So, you know, the bottom line, for LAR, it is hugely important that we provide efficient access to global markets, that we limit or decrease costs by saving time for our clients, that we act as a platform for industrial diversification, that we manage to raise international capital to boost, to develop and increase our efficiency and therefore our capacity. And finally, that we achieve what we can yet do, which is to materialise, to crystallise a strategic alternative to the existing and more congested trade routes.

While execution risks remain for this project and others, LAR has grown significant investors’ interests, not just for the mining sector, which is what we bring here today, but also across broader sectors. It’s reshaping our resources flow out of Central Africa and laying the foundation for integrated regional development. Needless to say that all of this is in line with the African Union principles of regionalisation.

When do you foresee the project to be concluded?

Before I answer this question on when I would foresee the project to be concluded, let me make a few preliminary considerations and then I’ll dive into project finalisation. For LAR and its sponsors, as well as I believe the lenders, Angola, DRC and Zambia, backing up this project, we do not see the Lobito Corridor as just a transportation project. We look at it as a historical and transformational project. For miners and for mining investors, this should represent a reliable cost-effective export transport route that bypasses the current bottlenecks in and across Southern Africa. It enhances investors’ confidence due to international backing, and I’m referring to US finance, EU finance, DFIs, etc. It provides unprecedented access to global markets for Central Africa’s vast mineral wealth, and especially copper and cobalt, but it’s not exclusive.

Finally, it’s a catalytic for regional integration and it offers a lot of additional opportunities in infrastructure, logistics and energy. So it’s difficult to foresee the project being concluded because there is no end to such a project. It is all about development. So as long as for investors, especially mining investors, the Lobito Corridor turns Angola, DRC and Zambia into a strategic viable lower risk and high-return region, I do not see an end to this. I think it will be beneficial for everyone involved and mainly for the populations that we reach with our project. So, despite some infrastructure and governance hurdles, it is already repositioned Central Africa as a core node in global critical mineral supply chain.

So in a nutshell, I think that we will see within the next 5 to 10 years major changes from an infrastructure point of view that will benefit not only populations, but also other projects that will come with a replica effect of the one that we are now implementing.

What have been the most surprising aspects for you to work on this regional project?

Well, this is a project that is rich in surprises. But I say it in a positive manner. And to some extent, I would preferably focus on the real impact, because the surprises come from the real impact on the communities, and this is deeply ambivalent. Yes, there’s a promise on the table: job creation, connectivity and regional integration. But unless we carefully manage this project in an inclusive way, the project will still bear enormous risks. We want every single population that basically lives through and benefits from all the investment we make in infrastructure. So it is obviously mining focused, but it’s not exclusively mining focused. And this is not so much, as I said, a surprise, but it is the real impact. And the real impact is the surprise because it benefits everyone.

I think it is also important to refer a few aspects here, because everything that we want to achieve with this project that will be beneficial for everyone involved, states, populations, private entities, private companies, and other companies benefited from the initial investment as players in a replica effect, as I mentioned, they will need to understand a few points, a few factors.

On that basis, success hinges on structuring equitable contracts that lock in local value addition for Angola and DRC on both sides, investing in health, education and social infrastructure along the corridor, which is not something that can be done or achieve by only one company. There’s a buy-in that is required at all times to make this work: the buy-in from several sides of society, commercial companies, states, governments, institutions and lenders.

The third point: incorporating robust surveillance, anti-corruption measures, human rights safeguards. In the case of LAR, Lobito Atlantic Railway, the company has implemented a thorough programme that looks into the details and ties of the partners, third parties and everyone involved to make sure that there is at all times accountability and transparency. And finally, the success also hinges on ensuring transparency and meaningful participation from affected communities. This is fundamental for us. So it’s not just about building a railway or uplifting, upgrading a mining terminal. It’s about building sustainable and inclusive economies around this project.

What is your vision for the sector, for Angola and for the continent?

So the emerging vision for the mining and infrastructure sector in the Lobito Corridor region is not just about moving minerals faster. This is also a misconception. It’s about transforming extractive economies into an integrated, diversified, and inclusive growth engines. Here’s what the vision looks like when fully realised. From extraction to value addiction, from world class resilient infrastructure network to a top-of-the-class, top-notch business environment, people-centred development, sustainability and ESG leadership, regional integration and sovereign collaboration, and finally, digital and financial modernisation. These aspects will basically crystallize the vision, not only in Angola, from where I stand as a legal practitioner, but also in the region. Never forget that effectively this project is transformational. It is about regional development. Yes, it starts with Angola, but in fact, it is much broader and serves as an example, as a benchmark that Angola is setting the tone. We hope that this will be or become an ex-libris in terms of what has been done according to international standards.

If I had to provide a vision statement, I would probably say the following: a modern, greener and inclusive mining and logistics corridor that transforms central Africa into a global lab for responsible sourced, value-added critical minerals, empowering its people, preserving its environment and positioning the region as a cornerstone of the global energy transition.

You are part of the AIMC conference programme at which the Lobito Corridor will be at the centre of discussions on sustainable supply chains, investment opportunities and Angola’s growing role as a regional hub. What will be your message at AIMC?
That’s a very good question indeed. As we stand at a historical crossroad, it is worth reminding that Africa as a continent is not just the source of the world’s political minerals. It is definitely the future of sustainable supply chains. And on that, it is worth referring that the world’s energy transition depends on secure, ethical and low carbon access to critical minerals, such as copper, cobalt or lithium. And the Lobito Atlantic Railway  is fast becoming a game changer, as we all know. It offers the shortest, as I said before, most efficient route from the Copperbelt to the global markets via Angola’s Atlantic coast, and in particular, our mining terminal of the Port of Lobito.

It reduces reliance on carbon-intensive trucking and congested southern routes, reduces risks, increases safety, and most importantly, it opens the door to traceable, transparent and ESG-aligned supply chains that meet the world’s highest standards.

Regarding investment opportunities, as part of the message at the conference, this is not just a railway or a terminal. It is a regional investment platform. Regarding mining, we aim at exploring and production growth in Angola, DRC and Zambia. Regarding processing, we’re talking about smelting, refining and battery precursor plants along the corridor. In terms of logistics, we’re talking about investments in ports, rail hubs and digital infrastructure. In terms of green energy, we’re talking about solar and hydro  to power operations. And therefore, we’re talking sustainability.

From a finance standpoint, there definitely will be blended capital needs, DFIs, private equity and sovereign partnerships, because there will be a need to co-invest in projects that are bankable, inclusive and climate-smart.

Regarding Angola’s role as a regional hub and the conference that’s taking place in Talatona, south of Luanda, Angola is no longer just an oil or diamond economy. It’s a rising power in terms of logistics, mining and energy. Over 10 years ago, I remember referring to Angola as a potential powerhouse for logistics, mining and energy. It wasn’t ready for energy, but partly commodities driven, mostly oil. Today, we’re talking about Angola being a powerhouse across Africa and a reliable country for investors to basically bet on the future of their businesses.

Needless to say, the port of Lobito and our port, the mining terminal, will expand into a key gateway to Central Africa. This is part of our vision as well. National reforms are increasing transparency and investors’ confidence. There’s no way around that. If you want international capital, if you want funding, you need to perform and you need to provide and tick all the necessary boxes to be able to be financed. And finally, Angola is now central to the future of responsible mineral sourcing for global clean energy markets. There’s no way around that. And we are very happy to take part in this conference, also to convey this message.

How important is an event such as AIMC for the region’s extractive sector?

I think the Africa International Mining Conference is clearly more than just a network event. It plays a pivotal role today and it is becoming increasingly more important for the mining sector in Angola and for the wider region. And I can mention a few key reasons for that.

Positioning Angola as a mining investment destination will be looking at the regional positioning of the assets, attracting FDI, foreign direct investment, assess major progress on regulatory improvements, ESG compliance, geological data access and local content frameworks. The conference also highlights Angola’s mineral potential and strengthens regional collaboration with the excellence of the panels and also the invited guests. It clearly drives ESG and local development conversations. And that’s important because it raises minor social responsibility awareness, potentially drives local job creation by also creating awareness in terms of local content requirements. It sets the term in terms of important it is to respect community rights, and also, it allows an alignment with green and sustainable development goals. So in a nutshell, it is a pleasure, it’s an honour for LAR to be taking part in this conference. And we really look forward to join the Talatona event on the 22nd and 23rd of October. So thank you very much, and I’ll see you there.

Maurice Madiba – Mobilising Capital for Angola’s Mining Future

JSE: “Angola positioning to become a premium mining destination on the African continent”

Exclusive interview Maurice Madiba, Head of Primary Markets in the Capital Markets division, Johannesburg Stock Exchange (JSE). On the opening day of the upcoming AIMC, he is a speaker in a session titled “Financing the Future: Attracting Global Investment to Angola,” highlighting Angola’s competitive advantages and government reforms aimed at attracting investors.

Interview Summary:

Madiba highlights the mining sector as a cornerstone of capital markets, requiring large-scale funding for exploration, development and expansion. He sees Africa entering a “critical minerals rush,” where resources like copper will play a central role in the global energy transition.

On Angola, Madiba notes significant opportunities: diversification beyond oil, the discovery of new mineral deposits, and the country’s potential to become a regional trading hub through new logistics corridors. Challenges remain around political stability, currency volatility and investor confidence, but he sees government reforms as encouraging.

At AIMC, Madiba will share lessons from South Africa and international markets on efficient licensing and innovative funding models, such as flow-through shares to support junior miners. He believes Angola’s efforts to improve ease of doing business and invest in infrastructure will be game-changing for its mining sector.

He concludes that AIMC will be “one for the history books,” providing a platform for collaboration, investment and growth across Africa’s extractive industries.

Thank you for joining us. Let’s start with some background on you.
Thank you for having me, and good day to the audience and distinguished guests. My name is Maurice Madiba. I look after primary markets at the Johannesburg Stock Exchange (JSE). Primary markets is a division within capital markets at the JSE.

A little bit of background on myself. I’m an accountant, and that has been my profession post-varsity. I got involved in investment banking at an early age where I worked for Deutsche Bank, and post that started my own business, which looked at African equities, African markets in general. So, we ran an ETF called the Big 50. Subsequently, prior to joining the JSE, exited that business off to one of the brokers here in South Africa.

So it’s been quite an interesting journey for me to kind of study and deconstruct the African Renaissance and those themes which I also studied for on a short course. And it’s really been good to see the experience and some of the needs of the continent from the lens of financing and accounting. Other than my working with numbers, one of my favourite pastimes is basketball. Many years ago, I founded a basketball team here called Randberg Rhinos, which became quite popular and was able to win a few championships, which is good. I know Angola has a very strong basketball culture, so it’s good to be among fellow ballers.

Tell us more about your current role as Head of Primary Markets in the Capital Markets division at the JSE.

In my current role as head of primary markets at the JSE, I look after three distinguished asset classes, which are the JSE’s traditional products in the sense of listings. So that’s equity listings and IPOs. I also look at the listings of bonds and fixed income, in which area we also have sustainability. And then I look after specialist securities, which is the issuance of portfolio funds, such as exchange traded funds, warrants, structure products, and some of the listed derivative products. And it’s quite an interesting portfolio because joining the exchange at a time such as this, we are looking for listings, but one always goes back to the traditional values that a stock exchange is meant to be where buyer and seller meet and where companies come to raise capital.

So in my role, it’s great to connect projects and companies with investors that are looking to then come to market, be in a regulated environment and be able to offer their shares to the general public in a fair and efficient manner.

Within the JSE, we’ve had quite a few delistings as any exchange has had globally. And we’ve been trying to understand and assess what has led to that phenomenon and what interventions we can introduce to the market to then reduce the number of delistings. And with some success, which we are grateful for, we’ve been able to see a reduction in the delistings and we’ve been able to see an increase in the number of new listings. One of the companies that came to market in 2023 when I joined was a company called Copper 360, and they had been raising capital for some time or looking at. Then they finally IPOd on one of our markets and were able to raise the capital they needed to develop their plant. And copper is an interesting material and mineral in that it is dubbed a critical mineral and a mineral for the future of the globe’s energy consumption.

Being able to see that come to fruition and come to market really resonated with the history of the JSE, being known for South Africa’s gold rush back in the 1800s, and where companies and people then came to South Africa to raise capital. Just the sheer volumes of companies that listed, one of them still being listed today being DRD Gold, is quite amazing.

I think that Africa and the rest of the African continent is on the cusp of a new type of mineral rush, which I could call the critical minerals rush. And it’s important that we understand the role that our mineral deposits play in this particular rush and what it’s going to mean for the future of the rest of the world and how we can access and tap into them sustainably and in a way that then allows us to build our societies in a dignified manner.

How important is the mining sector in primary markets?

Mining is vital to primary markets. Mining companies have a variety of capital requirements, whether it’s funding for exploration, which we’re starting to see come back, particularly in South Africa, funding for pilot plants, funding for expansion, and then generally development. Mining is one of those industries that requires big pockets of capital.

Primary markets are suited specifically to assist there in the sense that we are able to draw from these big pockets of capital being institutional investors and then deploy capital into projects where companies would be expanding, where companies would be exploring, where they are then tapping into these minerals and playing to the globe’s demand for mining and the commodity cycles that we see play out.

So it is not only that we are there for the initial set of capital that’s required, but also secondary capital raises, which we see come to market from time to time. And because of the fluctuation and volatility of commodity prices, investors having the ability to tap into primary markets and really access capital when it’s needed is of vital importance. And for us as primary markets being able to facilitate those capital raises is also quite important to us and is held in high regard.

What in your view are the current challenges and opportunities for investors in the mining sector in Angola?
When I look at our sector in terms of mining opportunities within Angola, it’s being known for the oil deposits, and due to exploration, there’s been the discovery of other minerals within the country that are of use and of interest to investors, not only in Angola, but around the world. And the mining sector in Angola for me is really twofold, because these new deposits need to then be mined and then be brought to market. And that really offers an opportunity for further industrialisation of the country. So that is an exciting prospect that I look for.

In the same breath and token, I’ve been watching with keen interest the development of the different corridors from a logistics perspective, which connect a variety of African countries. So, Angola does have that opportunity to then become a trading hub for African minerals, particularly coming out of Central Africa and then being transported westward. So I think those are the opportunities that are there. However, there can be challenges from time to time in the sense of some instability or what could be perceived as instability by the global markets and again, some of the challenges of commodity prices. Although in the last few years since COVID, there has been an uptick in that. But really, I think one of the issues would be how do you introduce stability that investors are happy with, both from a political perspective but also then from a monetary perspective, where investors will be bringing a large amounts of foreign currency and investing in projects and wanting that capital formation to really follow through and be able to exit their capital when they should choose to and really have no issues there, as well as maintaining some of the currency volatility is also one of the risks or challenges that investors may grapple with. And so Angola is really positioning itself to become a premium mining destination on the African continent.

What is your vision for the sector, for Angola and for the continent?
My vision when I consider Angola is we are watching it very much with keen interest and wanting to see the projects come to fruition in terms of it being a hub. Not only is it a hub for the minerals in Central Africa and coming across, but also can play a role for the inter-regional African trade, which is important, as AFCFTA is coming to fruition and has been ratified by majority of African governments. The connectedness of African countries becomes of vital importance, where you can have rail lines, road, electricity and water going to some of the sites where mining does take place. And you consider Angola and its already established oil industry. And what else can be added to this from a logistics perspective? It’s really going to be interesting and to watch with a keen eye how they industrialise this segment of the Angolan economy and really provide opportunities to investors to participate in that.

It would be my view to want to see capital formation within the country through the stock exchange Bodiva and having more companies list there and also potentially list in South Africa as an additional source of liquidity and funding.

On the opening day of the upcoming AIMC, you are a speaker in a session titled “Financing the Future: Attracting Global Investment to Angola,” highlighting Angola’s competitive advantages and government reforms aimed at attracting investors. What will be your message?

When I consider it, speaking from a South African perspective, we have a department here that used to be known as the DMRE, but now it’s the DMPR that looks after mining rights, and that is also engaged in the establishment and deployment of capital for the Exploration Fund, which are two very new initiatives that we’re quite excited about. And when one looks at the mining sector, the land rights and the mining rights, the efficiency in licensing entities that are looking at doing these activities is going to be quite important. And I’ll share some lessons of what we have done in South Africa, as well as some of the innovations that we’re exploring, which markets like Australia and Canada do with exceptional efficiency, which is the concept of flow through shares. And this is really targeted at junior miners and meeting them with investors and looks at some of the tax policies that are required to implement such a funding mechanism and structure for companies. And I really wish to share some of these lessons and experiences with the audience at AIMC and really then engage with them and also answer any questions that the audience may have for me.

How important is an event such as AIMC for the region’s extractive sector?

An event of this nature is very important, and I think that more countries should host events of this nature throughout the year. In South Africa, we have the Mining Indaba, which takes place in February, which is highly well attended. And this Angola International Mining Conference and Summit is going to be one for the history books, given the fact that the government has made strides in introducing ease into the sector, reducing regulatory burden, introducing efficiency, and there are also mega projects that are being invested in, which not only your mega miners and extractive players can participate in, but also some of your emerging and junior players can then participate in. Because the key to Africa’s growth is infrastructure. The fact that Angola’s got billions of dollars’ worth of infrastructure being invested in, and particularly to connect with other African regions, is just spectacular. And I think that the importance of that for the mineral sector is going to be keen to watch because these become the customers of logistics, rolling stock, of rail, of industrialisation and of power. The extractive sector is also a large employer. So it’s really, I think, advisable for me to see more countries do this. And I think the importance of this is really going to be one for the record books when it takes place in October.

Anything you would like to add?

I look forward to seeing and engaging with you all, and I am available for discussions pre- and post-event, and really look forward to the rich discussions that we’ll be having on the panel, and look forward to the address by the head of state, and also distinguished guests and dignitaries.