Luanda, Angola — 04 May 2012 – Vale Fértil Limitada “’ the Angolan subsidiary of Israeli group LR “’ has announced that it may invest US$1 billion in a project to mine and process phosphates in the Lucunga basin, in the Zaire province of Angola.
Macauhub News Agency reports that Victor Amorim Guerra, the company official responsible for the project, told Angolan news agency Angop here that the prospecting work that was underway pointed to the existence of minimum reserves of 180Mt of phosphates, which was an economically viable quantity for the project to move ahead.
Amorim Guerra said that the minimum amount mentioned would be split into US$60 million for phosphate exploration and US$940 million for construction of the factories to process the phosphates into ammonia, and construction of a sea port specifically to transport inert materials.
He noted that benefits that could be gained from mining phosphates, and that could boost national and foreign investment in the region, were the manufacture of toothpaste, non-alcoholic drinks, vitamins supplements, and animal feed.
Vale Fértil was established in Angola in 1991, where it has large investment in the real estate, construction, telecommunications, and natural resources sectors.
Source: Macauhub News Agency. For more information, click here.