Key Minerals of the African Continent: Chinese Companies Lead, Angola and Tetelo Participate in the Competition for the African Copper Belt
¬ The Tetelo Copper Project in Angola Will Soon Start Production
¬ The Copper Mine Led by Chinese Companies Aims to Produce 25,000 Tons Annually
¬ Luanda Is Turning Its Eyes to Copper Mines to Achieve Economic Diversification and Reduce Dependence on Oil
Reuters reported on Wednesday, October 22, citing Angola's Minister of Mining, DimanTino Azavedo, that the country's $250 million Tetelo Copper Mine project is expected to start production soon. Although the exact start date has not been announced, this development will make this southern African country a copper producer on the continent, joining Botswana and Namibia.
Africa's copper resources are mainly controlled by the Democratic Republic of Congo and Zambia, which rank first and second in Africa's copper production respectively. Botswana, known for diamonds, has also joined this group, with the Komatipoort (MMG) mine and the Motau (Sandfire Resources) mine starting operations in 2021 and 2023 respectively.
The Namibian copper industry is experiencing a revival, with recent restarts at the Kombat (Trigon Metals) and Chudi (Consolidated Copper) mines. The country also has other development projects, such as the future Hebb mine, whose operator, Corex Copper, states that the mine can produce 88,000 tons of copper annually for 23 years. In addition, exploration work on projects like the Ngami project by Australian Cobalt Resources continues to progress.
Tetelo and the Rise of Angola's Copper Industry
Angola has also adopted a similar strategy, keeping pace with the Tetelo project led by Chinese Shining Star Icarus (built with participation from China Water Resources and Hydropower Bureau Fourteenth Bureau and Huaiyu Construction Group - editor's note), planning to develop the country's first industrial-scale copper mine. It is revealed that the project is expected to produce 25,000 tons of concentrate annually in its first two years of operation, which will become an important cornerstone of Angola's emerging copper industry, supported by multiple exploration projects.
Since 2023, Ivanhoe Mines of Canada has been operating an exploration asset portfolio covering 22,195 square kilometers in the country. According to the company's website, after completing mapping and sampling in 2024, the project plans to launch its first exploration plan this year. Additionally, it is reported that Rio Tinto Group of Australia signed an agreement with the Angolan government in 2024 to conduct copper mining exploration in the Moxico province area.
Although Angola's copper mining development is less advanced than that of Botswana and Namibia, the rise of its copper industry aligns with its economic diversification strategy. According to data from the Extractive Industries Transparency Initiative (EITI), oil exports accounted for 87% of the country's total export revenue in 2022, and Luanda is striving to reduce its dependence on oil. This country, already having diamond and gold industries, may include copper mining in its export commodity portfolio if new projects like Tetelo come into operation.
The current timing seems favorable, thanks to the expected growth in global copper demand. The International Energy Agency (IEA) predicts that due to the development of artificial intelligence and the energy transition, existing copper mine production will be insufficient to meet the growing demand by 2035. The agency estimates that the copper supply gap will reach 40% by then. Angola can help alleviate this demand by developing its copper industry, although this process may take a long time. The IEA also points out that copper mining exploration projects often face difficulties in progressing to new projects, with an average of 17 years required from the discovery of a deposit to the start of production.
Sources: ecofinagency
Original: www.toutiao.com/article/1846882039246019/
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