Vale Fértil, Lda, the Angolan subsidiary of Israeli group LR, may invest US$1 billion in a project to mine and process phosphates in the Lucunga basin, in Angola’s Zaire province, a company official told Angolan news agency Angop.
This new exploitation will begin with an annual production of 500, 000 tons, including 300, 000 tons for the domestic market and 200, 000 tons for export.
Adão Sofia, provincial director of Industry, Geology and Mines confirmed last week that the phosphate development and processing projects have phosphate reserves estimated at 250 million tons over a 412 km2 area.
The total project cost is estimated at one billion dollars, with $ 60 million to be invested in phosphate mining and $ 940 million in the construction of an ore processing plant and an ore port.
Adão Sofia has said that the exploitation of this potential in the region “will contribute to the growth of agricultural production and the gradual reduction of the import of fertilizers”.
She reassured that the basin of the river Lucunga, Mucula locality, full of sufficient mineral reserves to ensure the production of fertilizers for the Angolan agricultural sector.
Note that Vale Fértil was established in Angola in 1991, where it has large investment in the real estate, construction, telecommunications, and natural resources sectors.