CVI 0.00% 0.3¢ cvi energy corporation limited

base metals and gold

  1. 2,455 Posts.
    February 26,2008

    Angola to focus on iron ore exploration

    It is reported that Angola is hoping to boost investment in iron ore exploration as the southwestern African nation diversifies away from oil and diamonds.

    Mr Mankenda Ambroise deputy minister of geology and mines in a presentation at the annual Indaba African mining conference in Cape Town said that "Iron ore is one of the commodities that Angola will open soon.”

    Mr Ambroise said the Angolan government, presiding over an oil fueled economic boom, saw potential for foreign investors to take stakes in a number of iron ore projects in the country. He added that interest in iron ore mining has jumped in step with sharp rises in global demand for the metal, which is used to make steel.

    Mr Ambroise told delegates that poor infrastructure, however is a major barrier to developing mining projects in Angola.

    Railways, ports and roads were devastated during the war and remain in poor shape despite the government's reconstruction efforts.

    Although Angola is best known for its vast oil and diamond wealth, officials in Luanda are trying to encourage foreign investors to focus on overlooked areas of the natural resources sector, including exploration of base metals and gold.

    Just spinning another card out of the pack, Ace of Diamonds

    Have a good evening all.
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.