Angola has officially granted a $5.7 million mining license to the multinational mining corporation Rio Tinto. The formalization of this agreement took place during a signing ceremony attended by key officials from both parties on Wednesday, January 17, in Luanda.
The awarded license outlines Rio Tinto’s exploration focus on basic metals, including copper, cobalt, zinc, titanium, and aluminum. This exploration will be conducted within the expansive 9,887 km² Moxico Concession, located in Angola’s Moxico province.
The phased development of the mining contract encompasses a prospecting period lasting up to five years, with the possibility of an additional two-year extension. Following this initial phase, there will be a 35-year exploration period, with potential extensions beyond that timeframe.
Canga Xiaquivuila, the General Director of Rio Tinto in Angola, highlighted the venture’s significant role in diversifying the mining sector and contributing to the overall economic expansion of Angola. This agreement represents Rio Tinto’s second collaboration with the Angolan government, demonstrating a continued commitment to the country’s growth since their initial entry in 2021.
